asked the Minister for Industry and Commerce if, having regard to the substantial costs incurred by Mr. E.J.Doody in connection with the statutory inquiry into the affairs of Irish Estates Limited, he will have steps taken to have such costs refunded to him.
Ceisteanna — Questions. Oral Answers. - Irish Estates Limited.
55.
Mr. Ryan
I am very doubtful if I have any power to require that Mr. Doody's costs should be refunded but I am looking into the matter.
56.
Mr. Ryan
asked the Minister for Industry and Commerce whether, having regard to the many references to the Irish Life Assurance Company Limited in the report of the inquiry into the affairs of that Company's subsidiary, Irish Estates Limited, he will now have a sworn inquiry into the affairs of the Irish Life Assurance Company Limited.
An investigation of the kind conducted into the affairs of Irish Estates Limited can only be held on the application of members holding not less than one-tenth of the shares issued. I can take no initiative in the matter.
Mr. Ryan
Would the Minister consult with the Minister for Finance and if he and his colleague are unable to see their way to have an inquiry of the kind already held into Irish Estates Ltd., will he ensure that exhaustive inquiries are made internally or in his Department regarding the affairs of the Irish Life Assurance Company?
The Minister for Finance has told the House of his decision to call an extraordinary general meeting of this company. I think that is sufficient action for the moment.
Mr. Ryan
We shall wait and see.
57.
asked the Minister for Industry and Commerce what action he proposes to take on the basis of the inspectors' report into Irish Estates Limited.
It is not for me to consider whether action needs to be taken. The purpose of inquiries of this kind is to make available to shareholders of a company, who call for an inquiry, information which might not be otherwise available to them.
Arising out of that reply, and relating that reply to the reply the Minister has already given in answer to Question No. 55 in which he said he was looking into this question of the repayment of Mr. Doody's costs, may we infer from the reply that if he finds that possible, he is of opinion that these costs should be met?
The advice I have got so far is that the costs of an incidental to the hearing would not embrace the costs of any individual person giving evidence or represented at the hearing. If they did, of course there would have to be a number of other people apart from Mr. Doody to consider in that context. As I said, I am having the matter more fully investigated to see to what extent there is power to have these costs included, if at all.
Arising out of the reply to Question No. 57 where the Minister said it was his function to make available information in regard to such an inquiry to interested parties, will the Minister now say why last week he told the House that he had not received a request for a copy of the report of the inspectors from the secretary of the company? Why did the Minister make that statement last week? Is it a fact that on 25th October a request for the copy of the inspectors' report was sent to the Minister and a reminder sent also later? Why did he give wrong information to the House last week?
I did not give wrong information to the House last week. I told the House that under the Statute I was obliged to give a copy of the report to the company whose affairs were being investigated and a copy of the report to the applicant for the investigation on requisition. I supplied a copy immediately in these cases. I said I got no other application within the Statute nor could I get one within the Statute. It is true that I got an application from representatives of one of the witnesses at the inquiry but I could not, nor was I obliged in any way to, give such a copy under the relevant Act, the Companies Act, 1906.
Could the Minister say, in respect of awarding costs of parties represented in the inquiry, if he has power to discharge the costs of the actual investigation itself?
No, I have no power in that respect here. The investigation was carried out at the request of the Irish Life Assurance Company which was the principal shareholder of Irish Estates Limited and any costs of the hearing will have to be borne by them and not by me or by the taxpayers' money.
Would the Minister not agree there are many serious questions unanswered in the inspector's report? There is one series of four items amounting to £25,000 of alleged losses unrefuted——
We cannot discuss the contents of the report on questions.
In relation to the overvaluation of the property, amounting to about £720,000, I want to ask the Minister will he not, in those circumstances, give an undertaking to the House that, after the Minister for Finance has had his meeting with the company, we will have a chance of putting questions to the Minister and getting answers?
I have no responsibility for anything contained in that report. In any event, I went much further than my statutory obligations or even my ordinary duties require in giving this report the widest possible publicity. The matters in relation to which the Deputy has asked questions were examined in detail in a most thorough and objective manner and I do not think any useful purpose would be served by following these matters up all over again.