Written answers

Wednesday, 29 April 2015

Photo of Catherine MurphyCatherine Murphy (Kildare North, Independent)
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60. To ask the Minister for Finance if, as part of his departmental inquiries into the sale of Siteserv by the Irish Bank Resolution Corporation in 2012, he was aware that shares in Siteserv were bought by senior employees at the entity engaged by Siteserv to facilitate its own sale in the three month period immediately preceding the actual sale to Millington Ltd.; if he was aware that these share acquisitions may have arisen as a result of privileged information relating to the sale being shared in a dishonest fashion; if he is aware that the Irish Stock Exchange has investigated this matter; and if he will make a statement on the matter. [16996/15]

Photo of Catherine MurphyCatherine Murphy (Kildare North, Independent)
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61. To ask the Minister for Finance if he will release all documentation and correspondence between his Department, other State agencies, the Irish Bank Resolution Corporation and all other parties concerning the acquisition of shares in Siteserv Ltd. in the period 1 June 2011 to date in 2015; and if he will make a statement on the matter. [16997/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 60 and 61 together.

The Deputy raises serious concerns regarding potential insider dealing in her question.  If the Deputy has any information regarding insider dealing in Siteserv shares, I would suggest that she contact the Irish Stock Exchange in relation to same. The Irish Stock Exchange investigates suspected insider dealing on the Enterprise Stock Market, being the market on which Siteserv shares traded, and reports any such findings to the Office of Director of Corporate Enforcement.  The Department of Finance does not have a role in this process.

During the Department of Finance review into the sale of Siteserv, it was not brought to the attention of me or officials in my Department that there may have been questionable share trading activity preceeding the sale of Siteserv or that the Irish Stock Exchange had investigated this matter.  Neither I nor officials in my Department monitor the share dealing activity in publicly traded companies, including Siteserv.

Neither I nor officials in my Department hold a record of the list of shareholders who benefitted from the sale of Siteserv in 2012 other than the partial summary of the top 10 shareholders of Siteserv as at December 9, 2011, already released under Freedom of Information. 

However, I understand the Special Liquidator is coordinating access to the share register, which is available to view at the offices of Computershare, who provided share registration services to Siteserv.  I would suggest that the Deputy contact the Special Liquidator directly if she would like to access this information.

Photo of Catherine MurphyCatherine Murphy (Kildare North, Independent)
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62. To ask the Minister for Finance if he is aware of instances where a person (details supplied) met with Siteserv company management at any stage from 1 January 2011 to the date of the eventual sale of Siteserv by the Irish Bank Resolution Corporation, or had direct engagements; if he is aware of instances where this person met with management or staff at the corporation, or had direct engagements, during the same period; if so, if he will share the extent of his knowledge concerning the subject of those meetings and engagements, who participated in them and the dates on which they occurred; and if he will make a statement on the matter. [16998/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Neither I nor officials from my Department were made aware of instances where the person referred to in the question met with Siteserv management between 1 January 2011 up to the time of the eventual sale of the company.

Photo of Catherine MurphyCatherine Murphy (Kildare North, Independent)
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63. To ask the Minister for Finance if his attention has been drawn to instances where the main shareholders of Siteserv met with a person (details supplied), or had direct engagements with the person, at any stage from 1 January 2011 to the date of the eventual sale of Siteserv by Irish Bank Resolution Corporation; and if he will make a statement on the matter. [16999/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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My attention or that of my officials was not brought to instances in which these meetings may have taken place.

Photo of Catherine MurphyCatherine Murphy (Kildare North, Independent)
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64. To ask the Minister for Finance if he will account for the reason neither the Financial Services Regulator, the Irish Stock Exchange nor the Irish Takeover Panel initiated any inquiries into the sale of Siteserv by the Irish Bank Resolution Corporation; if he will share the extent of his Department’s correspondence with each of these entities in relation to same; and if he will make a statement on the matter. [17000/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Neither I nor my officials from my Department were involved in the transaction involving the company referred to in the question. The Financial Services Regulator, the Irish Stock Exchange and the Irish Takeover Panel are independent in their function.  There is no record of correspondence between my Department and these bodies in relation to the sale of Siteserv.

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