Results 6,301-6,320 of 7,777 for speaker:Joe Costello

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Apart from the accounting practice, I am concerned about the substance of what was done. In substance, the €39 million upward revaluation involves money in the bank for the public limited company.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Is it the case that from 5 September, there is no impairment in regard to what was dealt with in the 2012 accounts, but there is a revaluation upwards in regard to the €39 million which was not registered in the 2013 accounts?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: For the layman reading the 2012 accounts, the impression is given that there is something missing.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I thank Mr. McCarthy for his clarification. I have no doubt that proper accounting practices were used. My final question relates to the sale of HL Commodity Foods Limited. There were two units in the Hospital enterprise centre in Limerick, which was owned by Shannon Development, and they were sold to Munster Packaging Limited. I understand a clause was written into the contract that...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Was this the same process as the one that was used after Munster Packaging Limited indicated an interest? The witnesses indicated that all 11 sales took place because business people expressed an interest.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Did HL Commodity Foods Limited and Munster Packaging Limited express interest? How was this dealt with?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Am I correct that at that point HL Commodity Foods Limited was the tenant in the two units?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: When was the offer made and when was it rejected?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Then what happened?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Who is Mr. Ryan? Does he represent Munster Packaging Limited?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: So it was sold to Munster Packaging Limited.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: When did the sale take place?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: While reading his notes, maybe Mr. Pakey could tell us what the relationship is-----

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I am also seeking to establish the circumstances relating to the sale and whether it was advertised publicly. It was stated earlier that two of the 11 were publicly advertised for sale. How could the terms of the sale, namely, that the property would be used solely for the purposes of the purchaser's business activities, when the purchaser has now offered the existing tenant a 13-year...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Was it subsequently sold to another purchaser?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: And not for any speculative purposes?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I understand that a 13-year lease has been offered by a new purchaser from Munster Packaging Limited.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Robert Ryan.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Who is Robert Ryan? In light of the conditions under which the property was sold to Munster Packaging Limited, how could the company dispose of it for speculative purposes? It is clear the property is now being used for such purposes. If it was to be sold to the company, the condition which attached was that the property would be used for the sole purpose of carrying out its business....

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I am in complete agreement with the Chairman. However, it was stated that HL Commodity Foods Limited was made an offer and that in 2006 it was asked if it would be interested in purchasing the property. A valuation has been placed on the property at that time. Was a further offer made to it when the property was purchased by Munster Packaging Limited in 2013? Was it aware of the offer to...