Inquiry into sale of Siteserv to Denis O’Brien extended to end August

The judge-led inquiry into the sale of building services group Siteserv to billionaire Denis O’Brien has been extended by five months until the end of August, further prolonging an investigation under way since 2015.

The decision comes as Mr Justice Brian Cregan prepares to circulate a draft final report on Siteserv to witnesses, months after saying the sale by Irish Bank Resolution Corporation was not “commercially sound” in preliminary findings.

“The Taoiseach approved an extension until the end of August,” said a source familiar with the discussions in the Government.

The time frame for the commission of investigation into the former Anglo Irish Bank was due to expire on Thursday.

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But the Government said last week that the judge “submitted an interim report to the Taoiseach seeking a further extension” for reporting on the Siteserv transaction.

Several witnesses are said to have questioned the preliminary findings in formal submissions to the inquiry, raising the prospect of a judicial review challenge as the conclusions are finalised.

The Siteserv deal was the first of 38 linked to the now liquidated IBRC, involving the write-off of nearly €2 billion in debt, to be investigated by the commission. The judge has questioned his own powers to investigate some foreign-based individuals.