Two temporary non-executive directors have been appointed to the board of the newly-state owned Steam Packet Company.

Mark Askew and Phil Dearden have been appointed on a short term basis of no longer than six months.

An open recruitment process will begin in the next few months to find permanent postholders for these roles, with the selected candidates to be approved by Tynwald.

Businessman Mark Askew, managing director of Valorem Management Ltd, specialises in risk management, funds and market advice and special opportunities investment.

Phil Dearden is former director of tax at fiduciary services provider Equiom, and was managing director at PKF and BDO. He is a well-known expert in the offshore aspects of UK taxation including residence, domicile, anti-avoidance and non-resident trusts and companies.

Treasury Minister Alfred Cannan said Mr Askew has a background in distressed debt and investment management, experience that would be appropriate for restructuring the Steam Packet’s debts.

He said Mr Dearden has a ’solid track record in the financial world’. ’Our priority is to ensure we get the right financial restructuring for the island,’ he said.

’Mr Askew and Mr Dearden will be looking at how the Steam Packet Company’s finances will be restructured, how debt is going to be repaid and at any alterations in the company structure.’

In the House of Keys last week Douglas South MHK Kate Beecroft called for the Chief Minister to authorise the publication of all papers, minutes and notes relating to CoMin’s decision to buy the Steam Packet.

Isle of Man Newspapers has taken up Policy and Reform Minister Chris Thomas’s suggestion in the Keys to submit a Freedom of Information request. Mr Cannan told the Manx Independent that he felt the process had been as transparent as possible.

He said he would personally support a review of the Steam Packet deal to be carried out by the Public Accounts or other Tynwald committee.

He said as a former minister herself, Mrs Beecroft was well aware of the sensitivities surrounding the release of commercial trading figures ahead of the deal being agreed.

Mr Cannan said: ’We’ve been as open as we could be in terms of giving out information and this will all come out if a Tynwald committee chooses to review it. I’m not sure what Mrs Beecroft is trying to achieve. She is trying to suggest that CoMin has done a sloppy job and not considered all the options. If she doesn’t agree with the decision, fine, but 99% of Tynwald did agree.

’I would love to know exactly what other things she thinks should have been done.’

Mr Cannan said he believed under state ownership, the Steam Packet would be more transparent and there would be more communication ’so the public can understand exactly how their money has been used’.

The Treasury Minister said negotiations are underway already on a new user agreement and he would be disappointed if CoMin did not come back with a new agreement by the December Tynwald.