Michael Bell
Question:17 Mr. Bell asked the Minister for Justice the total estimated cost of the individual inquiries which have been initiated under the Companies, Act, 1990; and the per diem charge to each individual appointed.
Ceisteanna — Questions. Oral Answers. - Cost of Inquiries.
My Department's sole involvement under the Act arises where an investigation has already been ordered by the High Court under section 7 or section 8 of the Act and relates only to defraying the expenses of and incidental to an investigation. My Department have no involvement in relation to investigations initiated under other provisions of the Act.
There is currently only one investigation in progress under either section 7 or section 8. On 16 September, on the application of the Minister for Industry and Commerce, the High Court pursuant to section 8 appointed two inspectors to investigate the affairs of Siúicre Éireann cpt. The investigation is ongoing and the inspectors will report in due course to the High Court.
It is, therefore, impossible at this stage to give a meaningful estimate of what the total cost will be. The daily rate of remuneration of each of the inspectors is £1,750.
Will the Minister say on what basis the sum of £1,750 is calculated?
My understanding is that the fees reflect the ongoing rate for the expertise of senior accountants and lawyers in an exceptional assignment which is the case in this instance.
Who effectively sets the rates and the various expenses incurred by these inspectors? Is it the Minister's Department? What are the criteria for deciding the levels of payment?
The level of fees for each inspector was agreed between the inspectors themselves, at their request, and officers of my Department and other interested Departments, such as the Departments of Finance and Industry and Commerce and the Office of the Attorney General.
I want to deal with the remaining question in the name of Deputy Sean Barrett, No. 18, please.