The Gaeltacht development body has refused to say how much it earned from the sale of Arramara Teo, a seaweed-processing factory, to Canadian interests.
Udaras na Gaeltachta told the Dail’s Public Accounts Committee the sum was covered by a confidentiality agreement which the buyers, Acadian Seaplants, had insisted upon.
The company, based in Cill Chiarain in Connemara,was 82pc owned by Udaras, which said the sale was necessary to safeguard its future.
Under the terms of the sale, Udaras can reclaim 40pc ownership of the company if certain investment targets are not honoured over the next five years.
PAC chairman John McGuinness asked Udaras officials how much had been paid for the 67-year-old company, but was told the figure could not be disclosed.
“Of course we want to share the information with the committee, but we have a legal issue,” said Seamus MacEochaidh, enterprise and employment manager with Udaras.
Photo caption: John McGuinness, Chairman of the Dail Public Accounts Committee
View original article at: Seaweed factory sale price a secret