IBRC controversy: Fast-track investigation into Siteserv sale is given green light

Inquiry to be given stronger powers under new legislation

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Businessman Denis O'Brien (AP Photo/Mark Lennihan)

Cabinet members have approved the drafting of legislation to fast-track an investigation into the sale of Siteserv.

The inquiry established last year to probe the 2012 deal by IBRC had been delayed by legal obstacles.

The head of the investigation, Judge Brian Cregan, said in November that legislative change was needed for it to proceed with its work.

The commission of inquiry was set up on the back of allegations about the €45 million sale of Siteserv to a company controlled by businessman Denis O’Brien. The purchase came with a write-down of €110 million in debt.

The IBRC investigation has been charged with examining over 30 transactions at the state-owned bank where there was a capital loss of at least €10 million.

Taoiseach Enda Kenny confirmed this evening that new legislation will be proposed to enhance the powers of the commission.

He told Social Democrats TD Catherine Murphy that the sale of Siteserv will be prioritised by the probe over other transactions.

Approval for the legislation was given for his morning, he said.