Oireachtas Joint and Select Committees

Thursday, 6 July 2017

Public Accounts Committee

Business of Committee

9:00 am

Photo of Seán FlemingSeán Fleming (Laois, Fianna Fail) | Oireachtas source

Yes. It is an extensive document. They explain all the different subsidiaries. When the representatives from the college appeared before us, we asked the president about the acronym SNO and whether it is the name of a company. He could not provide full information on the day. It is called SEFtec NMCI Offshore Limited. That is where he got SNO Limited. He has given us exact details of the company and the other subsidiaries. The question was asked whether they paid Cork Institute of Technology for the use of its facilities. It is confirmed that the company paid €242,680 excluding VAT in respect of its costs before there was any dividend. They also paid dividends of €340,000 to CIT. The functioning, costs and contributions of those organisations is well set out in the letter. It is good to get that because the question was asked specifically the last day.

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