The judge’s 1,542-page report was published in September, saying the deal was based on “misleading and incomplete information” that Siteserv provided to IBRC, the nationalised former Anglo Irish Bank.
Responding to questions about the case, the enforcement body said some of issues it examined related more to Isle of Man company law than Irish company law while others relate to taxation matters, which are overseen by the Revenue. The company law enforcer has also sent the Siteserv report to the Manx Attorney General and Financial Services Authority in the Isle of Man, the island’s financial regulator.
IBRC wrote off €118 million of the €150 million Siteserv owed as part of the €45 million sale of the building services business to Mr O’Brien, crystallising a loss for the State that led to Dáil ructions in 2015. Despite deep misgivings about the duration of the inquiry, the Government said the report “shines a light on unacceptable practices by certain parties” in the deal.
Such “issues relate, in significant measure, to taxation matters”, the Corporate Enforcement Authority said.Siteserv report stands as an unflinching indictment of highly questionable conduct in dark days of last financial crisisIn addition to the corporate enforcer, the Cregan report went directly to other bodies such as the IBRC special liquidators, the Central Bank and the Revenue.
What will happen? Sweet F A as usual!