April 8, 2012

Are Covanta Shareholders Safe From EU Investigation into Procurement Law Violations for Dublin Incinerator?

Along with other 'strokes' it would appear that Dublin City Council has broken EU Procurement laws concerning the proposed Poolbeg Incinerator.   It would be good if Covanta (CVA) made a full disclosure to the SEC on the matter in order to fully inform its shareholders.

Breaches of EU Public Procurement Rules by Dublin City Council
A formal complaint was submitted on 28 March 2012 to the EU Commission offices.

  • The complaint concerns breaches of the EU Public Procurement Directives by Dublin City Council.  

If you are a CVA shareholder you may wish to visit www.fiasco.ie for these PDFs and then ask some questions at the Covanta conference call scheduled for 8:30 AM (Eastern) on Thursday, April 19, 2012 to discuss its first quarter results.  Or simply sell CVA if you conclude the known-unknowns and hassle are too high.

Documents (www.fiasco.ie) 
Below are materials supporting EU Public Procurement Rules complaint:
Press Release - EU Complaint re Poolbeg Incinerator.pdf.
March 2012
Background Material - EU Complaint re Poolbeg Incinerator.pdf.
March 2012

CVA owners could also note the costs of litigation in Ireland.  A recently concluded tribunal into other dodgy dealings for another public utility contract awarded by members of the current FG administration took fifteen years and cost $450 Million (€300 Million).   What would Mr Zell say if his senior managers were tied up for 15 years until 2027?

In the USA its illegal for aliens to buy influence from members of congress.  Perhaps CVA owners could ask why Covanta, an alien entity in Ireland, paid money to Ireland's FG before the Irish General Election and ask what they were promised in return for their money.  Covanta senior management held at least one known meeting with two members of the current administration (Minister Quinn; Minister Hogan) during the 2011 Irish General Election.   

No comments: