Crucial Siteserv shareholder names will be invisible in Government’s KPMG review – Tóibín
Crucial Siteserv shareholder names will be invisible in Government’s KPMG review according to Sinn Féin Junior Finance Spokesperson Peadar Tóibín TD. This week, Teachta Tóibín inspected the Siteserv share register which is currently the responsibility of the IBRC liquidator.
The Meath West TD added:
“Due to the system whereby shares are often registered to the name of the brokerage firms rather to the name of the individual owner, I was unable to ascertain who were the main movers with regards the spike in share trading in the period up to the sale of Site Serve to Denis O'Brien’s Millington.
“When I raised this matter directly with KPMG, I was informed that the current review undertaken by the organisation will also not be able to look beyond this paper wall. This is a shocking deficiency in the Fine Gael/Labour review.
“It means that the review will be powerless in ascertaining whether or not individuals who were shareholders of Siteserv would have had access to IBRC information around the sale of Siteserv or subsequently had access to information around the Siteserv/Irish Water tender. This inherent lack of transparency must be removed if we are to get to the truth and ensure that we have accountability.”