asked the Minister for Industry and Commerce the amount paid in fees to Lazard Brothers & Co. Ltd. for their advice in respect of the proposed purchase by him of 24 per cent of the shares in Bula Ltd.
7.
Ceisteanna—Questions. Oral Answers. - Bula Shares Purchase.
6.
asked the Minister for Industry and Commerce the amount paid in fees to Mergers Ltd. for their advice on the purchase of 24 per cent of the shares in Bula Ltd.
With the permission of the Ceann Comhairle, I propose to take Questions Nos. 6 and 7 together. A fee of £11,395 was paid to Mergers Ltd. and a total sum of £47,275 was paid to Lazard Brothers & Co. Ltd of which £40,768 was in respect of services rendered by the company's own organisation and personnel and the balance of £6,507 was in respect of payments for other specialist advice and services which they commissioned with our approval.
Does the Minister not consider that when he paid such large sums of money, amounting to £58,000 or more, to competent advisers of this kind that it would be wise to take their advice?
This is a matter which is being discussed extensively by the House at present on the Bill relating to Bula. The Deputy is well aware of my opinions in that regard.
While I am not saying that the sums paid were excessive in view of the standing of the firms concerned, nevertheless in view of the payment of these large sums does the Minister still feel free to disregard the advice of the people to whom he paid the money?
Matters appertaining to policy in respect of this measure would be more appropriate to the Bill before the House.
Will the Minister state if either of those firms was asked to advice on what a 24 per cent holding in this company would be worth rather than what 100 per cent of the company is worth?
Again, this is a matter that is under discussion on the Bill.
I put that question to the Minister in the course of the Committee Stage but I did not get a reply. I am endeavouring to put it now. Were the companies asked to value 24 per cent or the whole lot?
This is a matter more appropriate to the Committee Stage of the Bill which is before the House.
Is it not a fact that in the agreement of 12th December, 1975, the Minister had already committed himself to pay mathematically 24 per cent of whatever was the total valuation of the company?
I refer the Deputy to the transcript of the debate.
Neither the Deputy nor anybody else will get satisfactory information from the Minister.