Oireachtas Joint and Select Committees
Thursday, 9 October 2014
Public Accounts Committee
2013 Annual Accounts of Shannon Free Airport Development Company
12:15 pm
Mr. Neil Pakey:
Thank you for the clarification. I will give a breakdown. The single biggest part of this was the due diligence process. Due diligence was required by the Companies Act. We had a new board and the board was very clear that due diligence was warranted and necessary. In terms of my own background, it would be normal good company practice to have the due diligence done. Following a tender process, we selected the lowest tender which happened to score the highest number of points in terms of the tender evaluation. The total cost of the due diligence exercise was €260,000.