independent

Thursday 24 July 2014

Sisk 'didn't get debt written off'

Published 07/11/2012|09:30

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SISK DIDN'T get a €50million debt written off said Director of Services, Sean Quirke, at last Tuesday's meeting of Greystones Town Council.

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At a previous meeting concerns had been raised by the members about rumours circulating in the town that a €50 million debt in respect of the harbour had been written off.

Mr. Quirke said ' the SISK Group has taken over 100 per cent control of Sispar, the developer of the harbour project and the debt to NAMA has now been fully discharged.

'Sispar was previously owned 50/50 by John Sisk and Son and Park Developments.

' This does not affect the overall provisions of the contract and means that funding will not be dependant on NAMA in future.'

Cllr. Grainne McLoughlin said ' there are rumours all over the place that Sisk got a huge write down of debt'.

She said it was the company's own business but said 'if it did a deal with NAMA it has more money for the harbour.'

Cllr. George Jones said he wanted clarification on the 'wild stories going around about this €50 million'.

Cllr. Ciaran Hayden said as far as he understood it ' the write off, if any, is in the region of €7 million' adding the figure of €50 million had been 'put out there by people who were devious.'

Mr. Quirke said the information on any write down won't be released by NAMA saying 'NAMA doesn't do its business in public' but said 'any question of a €50 million write down is off the wall because they (NAMA) doesn't do that

'Sisk redeemed the loan and I can say categorically that it wasn't written off or written down substantially.'

Cllr. Tom Fortune said 'can we not find out?' but Mr. Quirke said 'we tried to get them' but were unable.

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