Limerick TD confirms shares in property firm ‘are being sold’

FORMER Defence Minister Willie O’Dea says his shares in the property company Formation Homes are in the process of being sold.

He made the comments after it emerged ​his one per cent shareholding in the firm is still listed on the Oireachtas register of members interests.

Last May, Mr O’Dea agreed to stand aside as a non-executive director of the firm, and dispose of the small number of shares following controversy over its role in delivering social housing to the northside of Limerick city.

The long-serving Fianna Fail TD had objected to a rival development in the immediate vicinity, drawing criticism, in particular from Sinn Fein councillor Sharon Benson, who questioned his membership of a government party and its role in social housing provision.

Mr O’Dea played this down at the time, saying he “does not have any hand, act or part in what government approves.”

However, a few weeks later, he did confirm he would relinquish his position as chair – a role which brought a stipend of €3,000 – as well as sell his shareholding.

‘Enough is enough’: Limerick TD steps down as chairman of housing firm

In a column this month, Phoenix Magazine pointed out the shares were still listed on the register of members of interests, before adding: “No doubt, the wily O’Dea has been holding out for a decent price.”

Asked for comment by the Limerick Leader, Mr O’Dea said: “The shares are being sold. They have to go through a legal process as it’s a move from a public company to a private company. It’s with solicitors at the moment.”

He believes it will take approximately six weeks to reach a conclusion.

And responding to the suggestion he might be “holding out for a decent price,” the City TD said: “There is no such thing as a decent price. Just an agreed price that I would pay”.

“People should do their research into the commercial approach of this,” he added.

Mr O’Dea has a number of other shareholdings, including stock in Ormond Mining, a Canadian oil explorer called Kaizan and a Delaware-based aviation company named Syzgy Aviation.

He also has stakes in a technology firm named Gardenia and a tech investment firm called Vidarr Capital.

Last month, he marked his 40th anniversary of representing Limerick in Dail Eireann.

At the time, he repeated a plan to bring out a political ‘tell-all’ book, jokingly suggesting it could be known as ‘Willieleaks’.

He also claimed he would quit Fianna Fail and run as an Independent if Taoiseach Micheál Martin went into coalition with its Civil War rivals Fine Gael again.