Coillte, as a' private' company, seeks State money
national |
miscellaneous |
news report 
Friday December 11, 2009 09:03
by Hill walker
Coillte, the 'private company' seeks State approval for money
It is reported in today's Examiner, that Coillte is seeking further State approval to borrow money.
This is incredible, coming from Coillte, as Coillte always insist that Coillte is a private company.
The European Courts have ruled that Coillte is a Public entity, as per their ruling in 2003. (see related links, especially No 35 of the Courts ruling).
Yet, Coillte state that they are a private Company, and are exempted from any form of Corporate scrutiny.
Coillte are also acting ultra vires, and are at variance with the Forestry Act. Coillte are engaging in business interests which are outside the terms of the Forestry Act 1988, which state that Coillte's remit is " Forestry and forestry related issues". (see related links. especially 12(1) and 12(2) of the Act).
Also, Coillte are not obliged to disclose their Corporate Governance procedures, and they are not obliged to give out any information under the Freedom of Information Act.
It is clear that Coillte wears whichever hat suits on the day..., today it is the State hat, because they are seeking approval for extra funds..., tomorrow it will be the Private Company hat, when Coillte are asked for information into their dealings.
http://www.irishstatutebook.ie/1988/en/act/pub/0026/sec....html
Comments (4 of 4)
Jump To Comment: 1 2 3 4Was it not Coilte forestry and lands {approx 400 acres } inBellanboy Co, Mayo that
the Irish Govt; and minister Ray Burke donated or sold to Shell/Statoil/Marathon.
There was no public involvement in that deal.
Coillte should not get the protection of the State for extra funds. IFUT, the pension fund which Coillte is contributing to, should also be investigated, as vast sums of money is stashed away by Coillte, while at the same time, Coillte cannot pay any dividend back to the Government.
If Coillte are looking for State backing for security for loans, Coillte should declare themselves a State organisation and conduct themselves as such, as instructed by the European Courts.
Politicans have continually refused to bring Coillte to task on their legal status.
Now is the time, especially when the country is in financial crisis, to see that money, or security for loans etc, is not squandered on a private Company.
What other private Company is being offered State security for loans ?
It's our land. Let's take it back
Coillte should be brought in under the Freedom of Information Act, now. It would be very interesting to see how they have conducted themselves over the past years !!
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