September 7, 2009

DDDA Directors, Fools or Crooks? There isn’t anything in between.

‘You have to make a choice. Did you not know what was going on? If you didn’t, you must ask yourself, are you a competent director? And if you did know, you were complicit in recklessness and fraud. So which is it? Because there isn’t anything in between’.

- Comment on Ireland's cronies by Niall Fitzgerald, a former chief executive of Unilever and a 1990s non-executive director of Bank of Ireland.

This question applies to all people involved at DDDA and to their masters at Anglo-Irish Bank.  It also applies to The Hierarchy at Dublin City Council's Incinerator Op., EPA, Bord Pleanala and so on.



FINTAN O'TOOLE's article is here.

1 comment:

Anonymous said...


The Dublin Docklands Development Authority (DDDA) is to lay off or end the contracts of about half of its employees because of its financial difficulties, according to Fine Gael environment spokes­man Phil Hogan.

Hogan says the authority may have borrowed money in recent months to pay the wage bill for its staff of nearly 50. The DDDA declined to comment yesterday.

The DDDA bought a number of sites at the peak of the market and the land has collapsed in value in the meantime.

It spent €15m on a site for a park, €50m for a shopping centre that has a large number of vacant shops, owns the former Readymix site on East Wall Road and most controversially has a 26% stake in the Irish Glass Bottle site in Poolbeg where asbestos had to be removed.

The €412m purchase of the glass bottle site is an Irish record and the DDDA got involved in the bidding process after it phoned around developers asking to become a partner.

At one stage, the DDDA stopped paying interest on its part of the debt, but later resumed doing so.

The Irish Glass Bottle site has plummeted in value and is now worth between €90m and €125m, according to senior development experts, and has been been formally revalued in recent weeks, according to a source.

However, Hogan says the DDDA is waiting to see the valuation process used by Nama before publishing the new values in its latest accounts.

A spokeswoman for the DDDA would only say the accounts will be published later this year. The last set of DDDA accounts were published in June 2008.

"The facts are clear. Information released to me confirmed that the DDDA has still not filed its annual accounts despite these being due in June.

"This comes on the back of serious concerns that the authority is having trouble repaying loans and concerns over the role the authority played in the purchase of the Irish Glass Bottle site," Hogan said last week.

Sunday Tribune