The Attorney General, Mr Michael McDowell is to conduct an inquiry into how the contract to build and operate the new national aquatic centre at Abbotstown was awarded to a dormant company with assets of only £4 sterling.
Mr McDowell will deliver his report to the next Cabinet meeting scheduled for Wednesday week.
Speaking on RTÉ's radio programme This Weektoday the Taoiseach, Mr Ahern said that he only became aware last week that a dormant company, Waterworld UK, was involved in the project.
The company is registered at a solicitors' office in London and its £4 sterling shareholding is held in a corporation registered in the British Virgin Islands.
After winning the contract Waterworld UK took only a 5.1 per cent interest in Dublin Waterworld, the company which will operate the centre.
Before the bid process began, the Government had been advised that the management team selected to operate the centre should have significant experience and a strong track record of running centres of a similar scale internationally.
Yet, when the final contracts were signed with the operating company, Dublin Waterworld, it transpired that the controlling shareholder was a Co Kerry-based property developer and engineer, Mr John Moriarty.
Larger minority stakes were held by the chief executive of the Tralee Aquadome, Mr Kieran Ruttledge, and a former international swimmer, Mr Liam Bohan.