Thursday 8 December 2016

O'Brien is the elephant in the room - I'm not his mouthpiece

Published 30/04/2015 | 02:30

The bottom line financial performance is the only philosophy from Denis O’Brien and his representatives
The bottom line financial performance is the only philosophy from Denis O’Brien and his representatives

The controversy around the sale of Siteserv has a dual aspect: commercial and political. The Government is entirely right to conduct an open, independent review of all IBRC transactions involving a write-off of more than €10m.

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To transparently ensure accountability against any allegations of "sweetheart deals" arising out of indigenous banking collapses, this should be extended to fully include similar transactions in the State-owned institutions of Nama, AIB and Permanent TSB.

The essence of such an investigation must establish that there was an open bidding process; selection of the highest offer; no hidden conflicts of interests by professional advisers or banking executives; the best possible returns to taxpayers.

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