Tag Archives: Sierra

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Independent TD for Kildare North Catherine Murphy (top) and James Morrisey, a spokesman for Denis O’Brien.


John Mooney, in yesterday’s Sunday Times, reported how Independent TD Catherine Murphy has received correspondence from Siteserv and Team Denis.

Both urged the Independent TD to leave their business out of her politics.

Mr Mooney reported:

“[Siteserv CEO and chairman Sean Corkery] accused [TD Catherine] Murphy of making “false and misleading comments” that are causing “incalculable damage” to Siteserv’s reputation, business interests, employees and shareholders. He asked her to “cease and desist”.

[Murphy] has also received a letter from James Morrissey, a spokesman for O’Brien, accusing her of using “Dail privilege to voice false and baseless remarks”.

In a special Dail debate on Siteserv last Wednesday night [transcrip at link below], Murphy claimed O’Brien received especially favourable loan terms from IBRC which she described as being “effectively subsidised”. “I would ask you to behave in an honourable fashion and publicly withdraw your comments,” Morrissey said.

In the same article, Mr Mooney reports that Sierra founder Desmond Whyte attempted to buy back Sierra at the time of the sale of Siteserv in March 2012 – as he believed Sierra was in fact propping up its parent company.

“‘We tried to ring Anglo [IBRC] to say we’d buy Sierra back. We would have bought it for €45m. I believed it was worth €70m,’ said Whyte. ‘They wouldn’t return my calls or have anything to do with me. We appointed a consultant to deal with it but he got nowhere. Siteserv should have been broken apart and each of its companies sold off.

Sierra was able to prop up the other companies. Sierra was making lots of money, enough to keep all the rest of the companies going. Sierra was worth €70m alone as far as I was concerned. The profits had slipped a little, but it was a good investment. When I saw it being sold off as if it were a job lot, it was like being stabbed in the heart.'”

Good times.

Fresh Siteserv row for IBRC (John Mooney, Sunday Times, behind paywall)

Previously: Timeline To A Killing

Bringing The House Down

Photocall Ireland