asked the Minister for Industry and Commerce if he has satisfied himself that the information provided to him on the financial position of the H. Williams Group when the proposal to sell the company was notified to him in November 1987 was accurate in every respect; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - H. Williams Group Sale.
5.
The exercise of my responsibilities under the Mergers, Take-overs and Monopolies (Control) Act, 1978, does not require me to establish the accuracy or otherwise of statements of financial affairs presented to me.
I raised this matter simply because of reports in the press to the effect that there were discrepancies involved. Would the Minister say whether this is a matter he could have examined once it has been brought to his attention? The implication is that the statement of financial affairs of the company showed a substantial surplus over liabilities of the order of £4 million to £5 million whereas creditors were being informed that they would get not even a penny out of the liquidation proceedings. Is this a matter the Minister can examine once it has been brought to his attention?
My responsibilities in connection with mergers, takeovers and monopolies are laid down in legislation. Beyond that I cannot go. The Deputy may or may not be familiar with the criteria laid down under legislation with which I must comply and that my responsibility does not come within the provisions of those criteria. I am not sure whether the Deputy is referring to the report in newspapers in relation to pension funds. In regard to the protection of pension funds generally I should say that matter is being examined in conjunction with the Minister for Social Welfare who is also examining that whole area. I have also examined the matter in regard to the provisions of the Companies Bill going through the House to ascertain whether appropriate action can be taken in that regard or to ascertain whether it is proper to company law or to some other legislation. The matter is certainly under examination.
Is it not the case that it would be a matter for the Minister, under the companies legislation, to initiate a prosecution in the event of an auditor having certified accounts in a particular fashion, knowingly inaccurate, if that were so?
I am not saying it is inaccurate or otherwise. We are talking about allegations made about possible shortfalls. The Deputy will be aware that it is not for me to comment on those types of allegations in regard to the specific liquidation involved.
Is it not the case that the Minister is responsible for the enforcement of existing companies legislation and that, while he personally might not be able to ascertain the position, he should ask the officers of his Department to investigate whether there is anything in these allegations and whether, if the allegations have been substantiated, there has been a contravention of existing companies legislation?
As I said in reply to a previous question, that whole area is being examined by my Department. I have already asked the officers of my Department to do so and we will ascertain what action will be taken. I am not in a position to comment yea or nay as to whether those allegations stand up at this stage.