Debt write off on Siteserv deal was €9m more than previously expected
The debt write-off on the controversial Siteserv deal was €9m more than previously suggested, according to missing files discovered by the Department of Finance.
It was previously stated that the Irish Bank Resolution Company (IBRC) sold Siteserv to a company owned by businessman Denis O’Brien at a write-down of €110m.
However, the minutes of an IBRC board meeting, released by the Department last night, state that the write-off was €119m.
The firm was sold to Mr O’Brien’s company Millington for €45.4m and Siteserv shareholders received €5m pay-out as part of the deal.
The minutes state: “Following consideration the board approved the proposal as as presented namely (i) to proceed with the sale of Siteserv pls for €48 million (with net proceeds arising for the bank of €44.3m) with (ii) a write-off of the balance of facilities of €119m following the sale, however noting that the this was circa. €10m in excess of the current impairment provision”.