Oireachtas Joint and Select Committees

Thursday, 31 May 2018

Public Accounts Committee

Business of Committee

9:00 am

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

I am conscious of that. I want to put one or two things on the public record by way of information in case the public are wondering what we are actually talking about. There are two separate reports and I am not getting into the detail but the key finding of one of them relates to a Spanish residence in Marbella that was bequeathed to the organisation in about 2008 and then there was substantial legal costs to get it transferred into their title and it was sold . These are facts. The property was later sold for €37,500 without being put up for sale on the open market which resulted in a loss based on the original estimated value and the cost incurred. The report goes on to state that it would appear to the audit that the property was sold at a very low valuation considering the sale price was just €37,500 and it refers to appendix B as a way of comparison to properties in the Marbella area at that time.

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