To begin with, neither I nor the previous Minister for Finance have met the board of Greencore, but Deputies will be aware that my representative left the board in no doubt, at the recent EGM about my dissatisfaction with the initial handling of recent events. Deputies will also be aware that my dissatisfaction with the way the board of Irish Sugar handled some not so recent events was also expressed.
As the largest single shareholder in Greencore, I am of course concerned about events which may have an adverse impact on the company, but it is gratifying to note that despite recent events investors have maintained their confidence in the company. I want to take this opportunity to reaffirm my belief that Greencore is a sound company with further potential for development and I want to work with all other shareholders towards this goal.
You, Ceann Comhairle, and Deputies will be aware that there are ongoing investigations by court-appointed inspectors and we should not attempt to prejudge the contents of the inspectors' reports. As information becomes available the necessary decisions can be made and actions taken. Since Greencore is a public company it is important that I, as a major shareholder, act in concert with all other shareholders for the benefit of the company.
I have received the report from my representative who attended the EGM of Greencore and that report was presented to Government. The Government decided that the Minister for Finance should meet the chairman to convey certain concerns felt by Government. Deputy Reynolds met Mr. Cahill on Thursday, 7 November, and reiterated the Government's concerns regarding the severance packages offered to certain executives of Greencore, as well as the valuations of the 49 per cent of Sugar Distributors Holdings Limited at the time of the management buy out and 15 months later when it was acquired by Irish Sugar. It was agreed that there will be a further meeting with the chairman when the inspectors' reports are available.
I have also received the report of the Central Bank into certain transactions connected with the SDHL affair and this has been made available to the inspectors. The Revenue Commissioners' report is in preparation. It is the intention, in due course, that when these have been examined, together with the inspectors' reports, their findings will be made public.