No investigation into increased sale of Siteserv shares before it's sale says top civil servant

No investigation into increased sale of Siteserv shares before it's sale says top civil servant

The top civil servant at the Department of Finance has said that there has been no investigation into the increased trade of SiteServ shares just before it was sold.

Derek Moran says dealing with insider trading is the responsibility of the Stock Exchange, but not for the government.

He was giving evidence at the Banking Inquiry where it emerged that the Department does not know how much IBRC's liquidators will charge for the inquiry into how SiteServ was sold.

Mr Moran told TDs it wasn't up to him to investigate the reason why so many SiteServ shares were sold just before the company was sold off:

"This alleged spike was before the department had any visibility on the Siteserv transaction at all. The response into the suggestion that there were irregularities was to make available the share register," said Mr Moran.

"To date this is still an allegation for which is there is no evidence."

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