Following revelations today (Tuesday) that, since June 2008, the Dublin Docklands Development Authority (DDDA) has failed to pay interest on a loan it took out on the purchase of the Irish Glass Bottle Site in Poolbeg, Fine Gael Environment Spokesperson, Phil Hogan TD, has challenged John Gormley to clarify the solvency of the organisation.
More from FineGael.ie
Stephen Collins in the IT today writes that FG's Phil Hogan has called for an investigation into the DDDA to be carried out by the C&AG.
Fine Gael accuses docklands body of covering up losses - The Irish Times - Fri, Sep 11, 2009
A PUBLIC body that has exposed the taxpayer to potentially huge liabilities has been accused of trying to cover up its losses on property by failing to publish annual accounts.
Fine Gael environment spokesman Phil Hogan said new information released to him by the Dublin Docklands Development Authority (DDDA) confirmed the agency had not yet filed its annual accounts, which were due in June.
Mr Hogan called on Green Party leader and Minister for the Environment John Gormley to authorise the Comptroller and Auditor General to investigate the authority’s financial and property dealings.
Mr Hogan said correspondence between him and the authority’s chair, Prof Niamh Brennan, had established that its accounts had not been filed along with its annual report for 2008 which was presented to Mr Gormley in June.
“The reason offered to explain this situation was that the DDDA is waiting on the publication of the Nama valuation methodology before it proceeds with concluding its accounts.
“The failure to submit annual accounts with an annual report is highly irregular and raises serious questions about the financial standing and robustness of the DDDA on foot of a series of high-profile property deals it became embroiled in over the last five years or so,” Mr Hogan said yesterday.
Of course it is.
Why did they go beyond their remit?
Why did they get involved in speculation?
Why did the board allow deals that conflicted board members?
DDDA
Dog Darn Dead on Arrival
Gormley this am said that he couldnt (wouldnt) send in the C&AG to DDDA.
Wasn't Gerry Mc Caughey a lucky chappie having to step down as chairman of this cess pit.
Plus of course his resignation allowed him spend more time with his poor exiled wife in Italy!!
There's a great book to be written in the many stunts, scams and shyster actions of the DDDA, I believe.
So many colourful characters, bizarre projects, dubious deals and outright crackpot activities.
Please sign the petition to establish a national day of celebration in honour of the vision of the United Irishmen!
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reports today suggest that the hardy perennial that surrounds the slump coalition,'legal issues',are stalling work-in-progress on matters of corporate governance regarding the DDDA.
Ronald Quinlan writes of the delays in the Sunday Independent.
Legal talks delay report on dockland operation - National News, Frontpage - Independent.ie
Also highlighted is the ongoing delay in production of the most recent Annual accounts.THE delivery of a report into corporate governance at the Dublin Docklands Development Authority to Environment Minister John Gormley has been delayed pending the outcome of talks with lawyers representing the authority's former chief executive Paul Maloney.
Also central to the inquiries will be the contents of the DDDA's latest annual accounts, which are currently being finalised following a delay of several months. The accounts are expected to show massive writedowns of the authority's €170m in property assets.
This is going to make FAS look like the Quakers.
Thomas Molloy reports on legal proceedings by Bernard McNamara,a co-investor with the DDDA,and Derek Quinlan on the IGB site in Ringsend.
McNamara in court challenge to DDDA over €412m site deal - Irish, Business -
Independent.ie
DEVELOPER Bernard McNamara will begin a legal action against the Dublin Docklands Development Authority (DDDA) on Monday, pitting one of the State's biggest property developers against one of our most controversial semi-state bodies, and shining a bright light on what was once the most expensive property deal in Irish history.
The case will centre on a 2006 deal to buy the 24-acre Irish Glass Bottle site in the Dublin suburb of Ringsend for €412m.
Through the deal, Mr McNamara teamed up with financier Derek Quinlan and the DDDA to spend around €150m and borrow a further €295m to buy the site, which the DDDA now values at just €60m
Is there no end to the greed....................
These people were held up to be better than the rest of us. Access to the corridors of power.
How far they have fallen.
Good legal fees expected though.
LinkBack URL
About LinkBacks
Reply With Quote