Mr. Brian Kealy:

We appreciate that PTC was a private company. That was a point that was used along the way. The point has also been made that the IAA is not a consumer protection organisation. It is its role to be a safety regulator. However, in its role as safety regulator, it needs to make sure that a company that is providing training has sufficient resources to carry out the training safely. This company unfortunately did not have that money.

As I outlined in my opening statement, there were clearly some concerns on the IAA's part because its request for information in September 2011 referenced an article in the international regulations which pertains where the authority - in this case the IAA - has concerns over the financial position and resources of the company. Our concern is that it based its opinion on the financial status of the company on the wrong set of accounts. It seems that they looked at my brother to see whether he had money even though they were relying on me. That was the wrong thing to do. Our view is that the IAA, in failing to do its job correctly, effectively exposed us to losses. If it had done its job correctly, the company would have ceased approval at a much earlier date and we would not have lost money.