Tag Archives: Denis O’Brien

This morning.

Via Irish Times.

The judge investigating the Siteserv affair has found that the company’s chief executive had a “concealed financial interest” in Denis O’Brien’s successful bid for the business.

Brian Harvey – a Siteserv co-founder – backed Denis O’Brien’s proposal after negotiating a significant shareholding in the billionaire’s new company if his bid won, Mr Justice Brian Cregan said.

“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,” said the draft report.

Siteserv chief ‘concealed financial interest’ in Denis O’Brien bid, judge finds (Irish Times)


Friday: Now Den

Previously: Deal Timeline


Alan Dukes, former Chairman of IBRC at a press briefing in relation to the Siteserv issue on April 23, 2015  at the offices of Eames Solicitors, Dublin 2

He was ‘scandalised’.

Further to the leak this morning of a final draft of the Siterserv legal review that reportedly asserts:

‘The bank made its decision to approve the sale of the Siteserv group to Denis O’Brien in good faith, but based on misleading and incomplete information provided to it by the company.’

The State incurred a loss of more than €100 million on the sale.

Siteserv shareholders were paid €5 million as part of the deal.

Throughout the sale process, criticism was usually angrily shut down.

How angrily?

Via Irish Times (April 24, 2015)

Former IBRC chairman Alan Dukes said he is “extremely angry” the review of the Siteserv sale and other transactions conducted by the bank will seek evidence of criminality or malpractice.

The very fact that the possibility of criminality had been mentioned was “absolutely outrageous”, he told a press conference in Dublin.

Mr Dukes said he does not know the precise list of transactions to be covered under the Government-commissioned IBRC review into transations worth more than €10 million, but that he was “happy” the review is taking place.

However, he said he is “scandalised”at the notion of the review seeking evidence of malpractice by IBRC, a State-owned bank set up to wind down the assets of Anglo Irish Bank and Irish Nationwide.

There were “no grounds for suggesting that”, he told the press conference .

Some people, he said, saw “conspiracy in their tea leaves”, adding he wished to say “in the strongest possible terms” that any such allegations were out of place.

He said he tried not be paranoid, adding that did not mean “they’re not out to get you”, to laughter from many of those present….

Siteserv: Dukes ‘angry’ at suggestion of criminality (Irish Times, April 24, 2015)


Former Finance Minister Michael Noonan

[Alan Dukes] assured me that what happened was in the best interests of the State and consequently of the taxpayer”.

The deal was the deal and I was assured the components of the deal were necessary to get the best results for the taxpayer. All transactions were complete. There was no possibility of a reversal and I trusted Alan Dukes.”

Michael Noonan, April 22, 2015.

Good times.

Earlier: Now Den

Previously: Deal Timeline

 The Bank That Liked To Say Yes


Thanks Giggidygoo

This morning.

Via Irish Times:

Mr Justice Brian Cregan circulated a confidential draft final report to witnesses on Thursday after seven years of investigation, in which he criticised a process “below the surface” where certain events occurred during the sale without the bank’s knowledge.

…Although the findings are still subject to change, the judge has reiterated the conclusion set out in a previous draft report last year that the deal was not commercially sound.

The commission has determined that it can be concluded that the bank made its decision to approve the sale of the Siteserv group to Mr O’Brien in good faith, but based on misleading and incomplete information provided to it by the company,” the judge said.

Sale of Siteserv to Denis O’Brien based on ‘misleading information’, judge says (Irish Times)

Previously: How The Deal Was Done: Siteserv Timeline


This afternoon.

Actavo HQ, Westland House, New Nangor Road, Dublin

Campaigners are staging protests at four Actavo (formerly Siteserv) sites across Ireland, England and Scotland to demand the Denis O’Brien-owned company pay scaffolders the ‘rate for the job’.

The scaffolders, employed by Actavo at British Steel in Scunthorpe, England say they are being paid up to 15 per cent below the agreed rate under the UK’s National Agreement for the Engineering Construction Industry (NAECI) and will begin continuous strike action this Wednesday. The workers. Unite is calling on both British Steel and Actavo to enter into tripartite negotiations with Unite.

Sasko Lazarov/RollingNews


Previously: How The Deal Was Done: Siteserv Timeline




Sadly two of those featured, Michael Lowry and Denis O’Brien, are both still with us.

Communicorp, the radio group owned by Denis O’Brien, has agreed a sale of the company to UK group Bauer Media Audio for an undisclosed sum

This morning.

Via Newstalk:

Bauer Media Audio has today announced it has entered into an agreement to acquire Communicorp Group subject only to regulatory approval.

The group comprises of Ireland’s only two national commercial radio stations Today FM and Newstalk, alongside local stations Spin 1038 and 98FM in Dublin, and Spin Southwest in Limerick, as well as leading digital radio sport station Off The Ball, digital audio exchange audioXI and aggregated listening platform GoLoud.

Bauer Media Audio has today announced it has entered into an agreement to acquire Communicorp Group (Newstalk)





Last night.

Previously: Siteserv on Broadsheet

Excerpts From the Programme for Government published this afternoon

‘Red On Green’ writes:

Surprised to see Eamon Ryan has no issue with the National Broadband Plan, according to the draft programme for government. Green members must see this is a very questionable deal at best, not least because it once again rewards Denis O’Brien with a state contract….

Programme for Government

Previoulsy: The Plan: Save Denis

National Broadband Plan