Re: Re: Checklist

@Sue wrote:

That’s a very selective list of 13 projects, and I think, Greg, you’ve set out to prove the glass is half-empty. Taking a starting point of 1995 (the birth of the Celtic Tiger), you could include a lot of other things that have been done, such as the redevelopment of Dublin docklands, the new library in TCD, the national gallery extension, the aquatic centre, the M1 motorway, the bypassing of Kildare and points west, etc.

Aquatic centre move ‘astonishing’ – judge

http://www.rte.ie/business/2005/0603/stadium.html

June 03, 2005 16:43
A High Court judge has said it is nothing short of astonishing that the lease for the National Aquatic Centre, a State asset worth €62m, was granted to Dublin Waterworld Ltd, a company which has paid no rent in over two years.

The shareholding in Campus and Stadium Ireland Development Ltd (CSID), which granted the contract to Dublin Waterworld, is held by the Taoiseach and two Government Ministers.

Mr Justice Peter Kelly was giving judgment on an application by Dublin Waterworld for a stay on legal proceedings seeking possession of the centre.

In March 2003 CSID awarded the contract to operate the National Aquatic Centre to Dublin Waterworld Ltd on a 30-year lease.

CSID is the State company responsible for the site at Abbotstown in Dublin and its shareholding is held by the Taoiseach, the Minister for Finance and the Minister for Arts, Sport & Tourism.

In the High Court today Mr Justice Peter Kelly called it nothing short of astonishing that the lease for such a valuable State asset had been granted to a company with a share capital of €127 and no fixed or current assets except for a sum of over €12,000 due from its own subsidiary. He said the lease was comprehensive but of little benefit if the tenant is not a tenant of substance.

Dublin Waterworld, with registered offices in Tralee, has not paid a single cent in rent since it assumed possession, the court heard. And the judge pointed out that failure to pay rent long pre-dates the difficulties that arose earlier this year when the roof blew off.

During the court proceedings, €740,000, lodged as security against potential debts, was transferred to CSID but Mr Justice Kelly pointed out this left CSID with no guarantee against future debts and €300,000 was still outstanding.

CSID began proceedings seeking repossession of the centre. Then Dublin Waterworld asked the court to put a stay on these proceedings to allow issues to go to arbitration. Today Mr Justice Kelly decided that issues in relation to VAT and repair and maintenance can go to arbitration but not the question of non-payment of rent.

This means CSID can still proceed with court proceedings for repossession of the Aquatic Centre.
Ends