Gerry Adams (Louth, Sinn Fein) | Oireachtas source

I concur with the remarks of Deputy Micheál Martin and the Taoiseach on this terrible tragedy and appreciate that I will have the opportunity to speak about it later. For the present, I want to return to the issue of what the Taoiseach described as the grossly insensitive and appalling treatment of Clerys workers and concession holders. Boston based vulture capitalists, Gordon Brothers, purchased Clerys in 2012 for what was believed to be a sum of €12 million. The sale was made possible because Bank of Ireland wrote off €10 million of Clerys debts and lent the same amount to Gordon Brothers. In July 2013, 80 staff were let go at Clerys, whereas it is believed Gordon Brothers received €14 million in insurance moneys for flood damage. Gordon Brothers separated Clerys' retail business from its property assets by setting up two firms, OCS Operations and OCS Properties, before selling the latter for €29 million to Natrium Limited last week. Natrium Limited was only incorporated on 27 May as a vehicle for the purchase of Clerys' assets. It is a joint venture between Cheney Capital Management and D2 Private. A senior executive at Cheney Capital Management is a former NAMA executive. D2 Private is run by a former KPMG employee. KPMG is also the special liquidator of Clerys. The Taoiseach will recall that KPMG also featured in the IBRC scandal and the sale of that bank's assets. Clerys' retail business, now OCS Operations, was placed in liquidation before the property assets were sold off. There was no provision made for redundancy, holiday pay or other staff related costs such as pensions. There is no fairness for employees and concession holders. This is entirely legal under the Government's watch, but it is also sharp practice. It is clear that the legislation needs to be amended. Deputy Peadar Tóibín has published a Bill to that effect. Will the Taoiseach support it?

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