Fine Gael's enterprise spokesman, Mr Charles Flanagan, has described as "improper" the planned purchase by Dún Laoghaire County Council of land from the company Jackson Way whose beneficial ownership is unknown.
Jackson Way is involved in litigation seeking compensation after the county council set about compulsorily purchasing some of its land at Carrickmines, Co Dublin, to facilitate the road project.
Separately, the Flood tribunal has been seeking, without success, to identify the beneficial owners of Jackson Way. According to Mr Flanagan, any purchase of land from the company by the council would be wrong unless the beneficial ownership of the company is known.
"Fine Gael believes it is improper for the State to deal in any way with companies whose real owners are shrouded in a mask of secrecy," he said.
In a statement at the weekend, Mr Flanagan said that "the use of labyrinthine avenues within the company law code, including offshore companies, foreign entities and trusts should have no place in Irish business and enterprise". He called for legislation "to protect the public interest and to ensure the Government knows at all times with whom it is dealing".
There were serious public policy issues surrounding the purchase of the land, which arose because the Carrickmines site is to be bisected by the new motorway.
"These issues are totally separate from the investigations being carried out by the Flood tribunal," he said, "and are also separate from any court proceedings associated with the compulsory purchase order of the lands concerned."
Large sums of public money would be "handed over to a company whose beneficial owners are unknown to the public or the Government. This is most unsatisfactory and in my view improper.
"I believe it should be a fundamental principle of public policy that no public money should be handed over to a private company unless the beneficial owners of that company are clearly identifiable. Likewise, a contract for goods or services which involves the spending of public money should only be signed with a private company when the beneficial owners are fully known.
"The spending of public monies and outlay should always be open and above board. The beneficiaries of public contracts should be known and identifiable always. They should not be able to hide behind the façade of offshore companies and accounts."