March 29, 2009

DDDA Autocracy is in Compliance with DDDA Autocracy

Pyramid Scheme LogoPyramid Scheme Logo
Dail Eireann (March 26, 2009) Statement by Green-FF TD:

"The DDDA advised the committee that the process was conducted in full compliance with the authority’s code of conduct."

Anglo-Irish also advised the 'Financial Regulator' that Anglo-Irish was in full compliance with Anglo-Irish.
This has cost Irish taxpayers €10,000,000,000.
Dublin Docklands Authority, Dublin Developers Autocracy, Anglo Irish Bank,

1 comment:

The Galway Tent said...

Deputy Lucinda Creighton

Three fiascos are currently connected to the Dublin Docklands Development Authority. One is the Becbay investment scheme in the Irish Glass Bottle site, a greatly questionable endeavour involving a number of people. The CEO of the authority until last month, Mr. Paul Moloney, stated that no interest has been paid since last June on the loan of almost €300 million put forward to purchase the IGB site. This raises a very significant question with regard to the solvency of the DDDA and Deputy Phil Hogan raised the matter at the relevant Oireachtas committee. There are major concerns among the public and they have not been answered by the Minister. The matter has not been dealt with and we have not had any meaningful clarification.

Let us bear in mind that the Dublin Docklands Development Authority was established by my very fine constituency colleague, Deputy RuairĂ­ Quinn, the former Minister of Finance in the Fine Gael-led Rainbow Government of 1994-97. It was done as part of a rejuvenation scheme for the city centre, based on commercial intent but also to offer a very important social dimension for the area. What has been happening in the DDDA over the past number of years has deviated so far from those original objectives that serious questions must now be answered.

There is the issue of the newly appointed chairman of the DDDA, Mr. McCaughey, who was appointed by the same Minister, Deputy John Gormley. Mr. McCaughey was forced to resign in recent days as a result of what can only be described as very questionable behaviour with regard to payment of taxes. This raises significant questions over the judgment of the Minister and how much of a handle he really has on what is going on in the various authorities under his Ministry, particularly the DDDA.

There is the very important issue of the links between the recently nationalised Anglo Irish Bank and the DDDA. Two directors of the authority were directors of Anglo Irish Bank at the time of the Becbay deal, a very serious conflict of interest. According to the DDDA’s last annual report, it paid €964,648 to companies that had direct links with three of its directors. One such was Arup Consulting, one of whose directors was a member of the DDDA board; another relates to PricewaterhouseCoopers; and we are very much aware of the Anglo Irish Bank connections. These are major questions of public interest and the Minister, Deputy Gormley, must get to the bottom of them before he gives any sanction to, or stands over this project going ahead.

Deputy Noel Ahern

The authority, through its involvement in a joint venture company, Becbay, made a significant investment in the acquisition of the Irish Glass Bottle, IGB, site in Poolbeg. The authority’s involvement in Becbay, and the position of certain former directors of the authority, who were also directors of Anglo Irish Bank, with regard to the decision making process leading to the acquisition of the IGB site, were the subject of extensive debate with DDDA officials at the Joint Committee on the Environment, Heritage and Local Government on 10 February. I am sure the Deputy attended.

The DDDA advised the committee that the process was conducted in full compliance with/ the authority’s code of conduct.

Office of the Houses of the Oireachtas, Leinster House, Dublin 2, Ireland. Ph: + 353 1 618 3000