Sir, – There were inaccuracies as well as a surprising lack of logic in "Following the money trail to a €110m loss" (April 24th).
Your reporter makes the following statements: “One of O’Brien’s companies, Millington, bought Siteserv three years ago for €45 million, costing the taxpayer €110m in the process.” Your reporter then states that “Siteserv was struggling with its debt and had little prospect of repaying the money.”
Your reporter fails to point out the losses incurred by IBRC were due to the insolvency and subsequent liquidation of Siteserv plc. Your reporter also insinuates throughout his article that Denis O’Brien contributed to the loss to the taxpayer. These losses were entirely the result of overborrowing by the previous owners and nothing whatsoever to do with Mr O’Brien. – Yours, etc,
SEAN CORKERY,
Chairman
and Chief Executive,
Siteserv Holdings Ltd,
Dublin.