Oireachtas Joint and Select Committees

Tuesday, 8 July 2014

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht

Licensing and Harvesting of Seaweed in Ireland: Discussion

6:30 pm

Mr. Jean-Paul Deveau:

I am not sure if I can clarify everything but I can confirm that the agreement we have with the údaras provides for very punitive conditions where it can reacquire 40% of the shares of the company for no cost in the event that we fail to meet the conditions stated here. As an example, we spoke about the €2 million initial investment which is being put in place. If there was a failure in future, it would receive the benefit of 40% of that at no cost. That is very punitive from our perspective.