The judge investigating the Siteserv affair has discovered that the corporate’s chief govt had a “concealed financial interest” in Denis O’Brien’s profitable bid for the enterprise.
Brian Harvey – a Siteserv co-founder – backed Denis O’Brien’s proposal after negotiating a major shareholding in the billionaire’s new firm if his bid gained, Mr Justice Brian Cregan mentioned.
The judge circulated a confidential draft of his remaining report back to witnesses on Thursday, giving them two months to reply to conclusions in regards to the 2012 Siteserv sale that concerned an enormous writedown of loans from Irish Bank Resolution Corporation, the State-owned former Anglo Irish Bank. The fee of inquiry has spent seven years investigating the deal and key witnesses are sure to sure to oppose its findings in forceful phrases.
“The commission has found that at key stages in the sale process, Mr Harvey improperly favoured Mr O’Brien’s bid and put his own personal financial interests ahead of the interests of the company and its main creditor, the bank,” mentioned the draft report.
Critical
Mr Harvey declined to remark. Key witnesses to the long-running inquiry are recognized to be closely important of the judge’s course of, the recommendation he took, his draft findings and the period of time spent on the investigation.
Some witnesses have argued that the Siteserv sale because it unfolded was in line with the way in which enterprise offers are finished and that public procurement guidelines didn’t apply. They have additionally argued that Mr O’Brien’s bid had the very best probability of execution as a result of his preparations have been extra superior.
Rival bidder Anchorage had indicated it could pay extra for Siteserv, a constructing companies enterprise then in severe financial problem, however advocates for promoting to Mr O’Brien discovered his deal was higher for the corporate and its employees.
In draft conclusions over a number of hundred pages, Mr Justice Cregan mentioned engagements between Mr Harvey and his adviser Niall McFadden – one other Siteserv co-founder – with a consultant for Mr O’Brien weren’t disclosed to Siteserv or its advisers.
“It is, in the view of the commission, one of the extraordinary features of the Siteserv transaction that the two co-founders of the company – Mr Harvey and Mr McFadden – emerged from the transaction with a combined 15 per cent interest in Mr O’Brien’s new company without the knowledge of the board of directors of Siteserv . . . the sale sub-committee . . . the company’s advisers . . . or the bank at any stage before the Siteserv share purchase agreement was signed on 15 March 2012,” the draft mentioned.
Siteserv chief ‘concealed financial interest’ in Denis O’Brien bid, judge finds & More Latest News Update
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