Dáil Éireann debate -
Tuesday, 17 Nov 1998

Vol. 496 No. 6

Written Answers - Company Investigations.

Michael Bell

Question:

100 Mr. Bell asked the Tánaiste and Minister for Enterprise, Trade and Employment the person or body who will be responsible for the payment £264,000 in relation to the investigation into companies (details supplied); and if she will make a statement on the matter. [23532/98]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney)

On 27 October 1997 I appointed Mr. Lyndon MacCann, BL as inspector to Bula Resources (Holdings) plc under section 14 of the Companies Act, 1990. Mr. MacCann's report was published on 22 July 1998 and was sent to various parties, including Bula, the Irish Stock Exchange and the DPP. The total cost of the investigation has amounted to about £201,000. This has been paid for by my Department, as the 1990 Act does not provide for the recovery of costs from any other party in such cases.

Having examined the report and the comments of various parties with whom I have been in contact, I have recently indicated to Bula that I am considering taking further action against the company for possible infringements of the Companies Acts. I have also written to the Irish Stock Exchange askinginter alia if it is now satisfied that Bula fully complies with its requirements. I have identified the need to make some legislative changes, one of which, if implemented, would enable me to recover the cost to the State of any future investigations undertaken under section 14 of the 1990 Act.