State body ditches deal for property ‘€6m under value’

SHANNON Development has been embarrassed into abandoning the sale of State property after it emerged it may have undervalued the land by up to €6 million.

The State agency struck a private agreement to sell 100 acres of prime development property to a company called MMDS Partnership. Although the property is State land, its sale was not advertised.

This immediately sparked controversy. Limerick Fianna Fáil TD Peter Power sought a meeting with Tánaiste Mary Harney, who was then Enterprise Minister, to stop the deal.