University of Limerick: a report on UL's housing acquisition found its governing authority agreed to pay €10.9 million but the price rose by €1.08 million in the final contract signed only nine days later. staff expressed “multiple concerns very early on” regarding the controversial purchase of student housing at Rhebogue, while controls to properly regulate the transaction were “overridden”, the Public Accounts Committee has heard.
Prof Kilcommins said he expressed his own concerns the following year, in May 2023, following the university’s last PAC appearance, when he became aware of inconsistencies surrounding the project. He said it was “incredible” UL did not have a “checklist” when carrying out the Rhebogue transaction, and described a scenario “whereby there wasn’t checks and balances in place in relation to the original proposal, the valuation, the final purchase price, stamp duty, planning and also agreement to pay rent”.
Prof Kilcommins said that in May 2023, the chief corporate officer had requested that he speak about Rhebogue because “as the executive sponsor he didn’t want to come because there was an investigation ongoing into the transaction at that point”. Prof Kilcommins highlighted that the Rhebogue revelations had “had significant implications for the university” and a “demoralising impact” on staff and students. John Kelly, UL corporate secretary, said a number of “large companies with long associations with UL” had been in touch regarding whether their funds were put towards the Rhebogue acquisition and that the situation had created “a lot of disquiet among organisations that have networked with UL for many years”.
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Source: IrishTimes - 🏆 3. / 98 Read more »