Vol. 475 No. 1
285 Mr. S. Brennan asked the Minister for Transport, Energy and Communications if his attention has been drawn to the disposal of the ESBs fish farming interests to a single purchaser; if so, his views on such a sale; the discussions, if any, he has had on the matter; and if he will make a statement on all the circumstances surrounding the disposals. [4169/97]
Under the terms of the Government's approval in 1988 for the setting up of ESB subsidiary companies, the consent of the Minister for Transport, Energy and Communications and the Minister for Finance is required when ESB wishes to dispose of the properties and liabilities of any subsidiary company.
In January 1995 a proposal by the ESB to dispose of its four off-shore fish farms and smolt rearing facility received Ministerial approval. The purchases involved were as follows:
To: Gaelic Seafoods, Deenish, Kealincha, Roancarrig, Lough Allen.
To: Gallagher Brothers Inver
The sale of the business realised £4.5 million. This price reflected the value of the stock in hand when the farms were sold.
The Ministerial approval followed an open, transparent, tendering procedure conducted by the ESB. The board's fish farming business had become loss-making and the Minister was satisfied that the board's proposal to dispose of the business was the proper commercial decision in the circumstances.
