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Revelation of Siteserv share hikes underlines importance of independent inquiry – Tóibín

26 April, 2015


Sinn Féin's Spokesperson on Jobs and Enterprise Peadar Tóibin has emphasised the importance of an independent inquiry into the Siteserv scandal as futher revelations on the sale of the company to Denis O'Brien owned Milligont, at a huge loss to the Irish taxpayer, continue to emerge. 

Following revelations today of a surge in trade activity of Siteserve shares, a month prior to IBRC receiving the first bids in a confidential sale process for the company in 2011, Deputy Tóibín said;

“These revelations expose further reasons for concern in the Siteserv saga. Such an increase in trading could certainly deemed unusual, and it is imperative that this be investigated, and that all the identities of the share buyers be made public.

“This latest update serves to underline the many inconsistencies, obscurities and peculiarities that pepper the Siteserv scandal. It is increasingly obvious that an in-house investigation proposed by Minister Noonan is wholly inadequate.

“That KPMG liquidators have been appointed to conduct the review has won widespread disbelief, as the company also acted for Siteserv. This disbelief was echoed by Alan Dukes himself who expressed amusement at the choice of liquidator.

“Sinn Féin have called for a Commission of Investigation into the matter, an investigation that is not just limited to the IBRC and Siteserv. The dozens of other large debt write downs to big businesses by Nama and AIB must also be examined.

“The unusual hike in Siteserv shares must also be investigated, however this likely will not be within the remit of Minister Noonan's inquiry into IBRC, again exposing the limitations of this inquiry of convenience.

“The people of Ireland have a right to transparency and accountability, and to know whether their taxes were wisely spent or squandered as the country was reeling from the economic meltdown brought about by Fianna Fáil.”

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