Results 1-15 of 15 for 5 million segment:6227129

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Tom Fleming: ...recommended accepting the O’Brien bid. This went to the board of IBRC who agreed in double quick time that shareholders who had voluntarily backed the debt-ridden company got a payout of €5 million. The taxpayer got €40 million and a bill for €100 million when the remaining borrowings of Siteserv were written off. I commend Deputy Catherine Murphy for the...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Catherine Murphy: ...it stated that it should be assumed that the company will be acquired on a debt free and cash free basis, yet I have had strong indications that when Siteserv was sold to Millington it had €10 million on its balance sheet, a combination of cash and debtors, something which has to be inquired into. We now know that Millington paid €40 million to IBRC and €5 million...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Timmy Dooley: ...not going to add to that but it should set the context for establishing a fully transparent and independent investigation. The Minister should look at the way in which people were treated; €105 million is a hell of a lot of money and €5 million to the directors of a burst company is a phenomenal amount. Yesterday I was in the home of a family that has been evicted by a...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Seán Fleming: I move:“That Dáil Eireann: notes that:— in 2012, Siteserv owed €150 million to Irish Bank Resolution Corporation, IBRC; — in March 2012, IBRC sold Siteserv for €45 million; — external trade buyers were excluded from the sale of Siteserv and there are questions about due diligence; — some bidders were also excluded from the sale and may...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Finian McGrath: ...this matter is through a full independent commission of inquiry. The senior officials in the Department of Finance have raised concerns about the other IBRC sales. In 2012 Siteserv owed €150 million to IBRC. In March 2012 IBRC sold Siteserv for €45 million. External trade buyers were excluded. Some bidders were also excluded. Siteserv shareholders received €5...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Michael Kitt: ...crime, housing, agriculture, education or health issues, people are raising questions about the shortage of money for various projects. People are beginning ask about the taxpayers' loss of €105 million on account of Siteserv. The bank guarantee has been mentioned. However, if I were to tell people at these meetings that the problem was the relationship framework or that the...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Paul Murphy: ..., austerity and the crony capitalism that dominates in this country. As always there are winners and losers. The winners are Denis O’Brien, who benefits from a massive write-off worth €100 million; the shareholders in a bankrupt company, who benefit to the tune of €5 million; and KPMG and Davy Stockbrokers, the advisers on the sale. KPMG made at least €70...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Seán Fleming: ...care to show up for a debate such as this. Where are the Ministers? They are agreeing a mechanism whereby companies such as Siteserv install water meters, which will cost Irish Water customers €500 million. There will, no doubt, be substantial additional funds for phase 2 of the water metering project. The Government is making sure that people, through attachment orders to...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Micheál Martin: ...;il for so long. The sale of Siteserv is an important issue of public interest. A subsidiary of this company subsequently went on to win three contracts linked to water metering, totalling €62 million each. The fundamental error was made when the company itself and its directors were given the sale to conduct, at arm's length from IBRC. Everything else stems from that wrong...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Colm Keaveney: ...corruption ended up massively in the control of one businessman in this country. At that time, the Labour dog failed to bark, and history is repeating itself here tonight. Siteserv owed €150 million to IBRC - that is to say, it owed €150 million indirectly to the State and its citizens. It was eventually sold at a discount for €45 million. As part of that sale,...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Séamus Healy: I welcome the opportunity to speak and to support this motion on the sale of Siteserv by IBRC. The sale of Siteserv to a Denis O’Brien-linked company for a knock-down price of €45 million, with a payment of €5 million to shareholders, is a case study in how this Government has lined the pockets of the rich and powerful elite while making low and middle income families...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Catherine Murphy: ...Bord Gáis to service boilers. According to Sierra's managing director the company began hiring water meter specialists in mid 2011. Siteserv was haemorrhaging cash and owed IBRC and the taxpayer €150 million, yet was planning for the future which involved water metering. On 26 July 2013, a Sierra joint venture, GMC Sierra, won three contracts, worth €62 million each,...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Dara Calleary: .... The lack of urgency of the Government on extending the credit guarantee scheme and constantly long-fingering it, while jobs are being lost as a result, is absolutely exposed when one sees the €5 million that went to the shareholders in an effectively insolvent company. Many SMEs are being told they are not solvent, which is why they are not getting bank credit, and that they...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Seán Fleming: ..., is in the House to hear what we have to say directly. I know the Minister will respond in due course as the debate proceeds up to 9 p.m. tonight. The motion notes that, in 2012, Siteserv owed €150 million to the Irish Bank Resolution Corporation, IBRC, and that it was sold in March 2012 for €45 million; in the process, some bidders were excluded from the sale although they...

Sale of Siteserv: Motion [Private Members] (6 May 2015)

Billy Kelleher: .... There are many aspects of this transaction which ordinary people cannot understand. To this day, I still cannot understand how shareholders in a bust company would be paid almost €5 million. I cannot understand why, if there was confidentiality everywhere, share transactions would all of a sudden take on a new meaning. This company was going nowhere and all of a sudden...