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Dáil Éireann Debate, Wednesday - 29 April 2015

Wednesday, 29 April 2015

Questions (60, 61)

Catherine Murphy

Question:

60. Deputy Catherine Murphy asked the Minister for Finance if, as part of his departmental inquiries into the sale of Siteserv by the Irish Bank Resolution Corporation in 2012, he was aware that shares in Siteserv were bought by senior employees at the entity engaged by Siteserv to facilitate its own sale in the three month period immediately preceding the actual sale to Millington Ltd.; if he was aware that these share acquisitions may have arisen as a result of privileged information relating to the sale being shared in a dishonest fashion; if he is aware that the Irish Stock Exchange has investigated this matter; and if he will make a statement on the matter. [16996/15]

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Catherine Murphy

Question:

61. Deputy Catherine Murphy asked the Minister for Finance if he will release all documentation and correspondence between his Department, other State agencies, the Irish Bank Resolution Corporation and all other parties concerning the acquisition of shares in Siteserv Ltd. in the period 1 June 2011 to date in 2015; and if he will make a statement on the matter. [16997/15]

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Written answers

I propose to take Questions Nos. 60 and 61 together.

The Deputy raises serious concerns regarding potential insider dealing in her question.  If the Deputy has any information regarding insider dealing in Siteserv shares, I would suggest that she contact the Irish Stock Exchange in relation to same. The Irish Stock Exchange investigates suspected insider dealing on the Enterprise Stock Market, being the market on which Siteserv shares traded, and reports any such findings to the Office of Director of Corporate Enforcement.  The Department of Finance does not have a role in this process.

During the Department of Finance review into the sale of Siteserv, it was not brought to the attention of me or officials in my Department that there may have been questionable share trading activity preceeding the sale of Siteserv or that the Irish Stock Exchange had investigated this matter.  Neither I nor officials in my Department monitor the share dealing activity in publicly traded companies, including Siteserv.

Neither I nor officials in my Department hold a record of the list of shareholders who benefitted from the sale of Siteserv in 2012 other than the partial summary of the top 10 shareholders of Siteserv as at December 9, 2011, already released under Freedom of Information. 

However, I understand the Special Liquidator is coordinating access to the share register, which is available to view at the offices of Computershare, who provided share registration services to Siteserv.  I would suggest that the Deputy contact the Special Liquidator directly if she would like to access this information.

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