Vol. 504 No. 5
20 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the investigations being carried out by her Department; when she will have final reports on each of these investigations; if the findings of any of the investigations have been sent to the Director of Public Prosecutions for action; and if she will make a statement on the matter. [12378/99]
My Department is currently examining the books and documents of six companies under section 19 of the Companies Act, 1990. The companies involved are Ansbacher (Cayman) Limited, Celtic Helicopters Limited, Guinness & Mahon (Ireland) Limited, Hamilton Ross Company Limited, Irish Intercontinental Bank Limited and Kentford Securities Limited. I expect to receive final reports on a number of these investigations within the next two months.
In addition, I have appointed an authorised officer to a further three companies. In the cases of Dunnes Stores Ireland Company and Dunnes Stores (ILAC Centre) Limited, I am awaiting the outcome of High Court judicial review proceedings of my decision. On 10 March last, I appointed Mr. Gerard Ryan to examine the books and documents of College Trustees Limited, a Guernsey-registered company, and I hope Mr. Ryan will be given the books and documents he has specified in the coming weeks. Having regard to the fact that company books and documents have yet to be made available in these cases, it is too early for me to speculate as to when this work might be completed.
Five reports of companies undertaken by or on behalf of my Department have been completed, and those relating to Bula Resources (Holdings) plc., under section 14 of the Companies Act, 1990, and National Irish Bank Financial Services Limited, under section 59 of the Insurance Act, 1989, have so far been referred to the Director of Public Prosecutions. I understand that in both cases the director has referred the matters to the Garda Síochána for investigation.
The reports into Garuda Limited and Faxhill Homes Limited, under section 19 of the Companies Act, 1990, are being examined at present, and a decision will be made shortly on whether these will be referred to the DPP. My Department is also examining the report on Irish Life plc which was undertaken under the Insurance Acts.
While the inquiries into National Irish Bank Limited and National Irish Bank Financial Services Limited were initiated at my request under section 8 of the Companies Act, 1990, they are proceeding under the auspices of the High Court. While the inspectors appointed by the court have filed a number of interim reports since their appointment, I understand it will be some time yet before they will be ready to submit their final report to the High Court.
Will the Minister clarify whether additional inquiries are taking place which she did not refer to in her reply on 16 February? We would not have got as much detail in the last answer. Have any new inquiries been initiated since February? When did the Minister refer the National Irish Bank financial services report to the Garda? Has she had any indication whether prosecutions will be taken? Will she agree that a number of these inquiries are now ongoing for at least a year and, despite court interventions, are taking an excessively long time? Surely the Minister can give the House more information about what is contained in these reports and whether she will take action against people she referred to as a golden circle of swindlers, as stated in a headline in the Irish Independent on 31 December 1998. The Minister confirmed to the House that she was very concerned about the similarity of names coming up in these inquiries.
The only new inquiry since I last reported to the House concerns College Trustees to which an officer was appointed on 10 March 1999. I referred the Bula report to the DPP last summer shortly after I received it. I also referred the National Irish Bank financial services report to the DPP shortly after it was submitted to me. I do not know the outcome of the director's investigations but he has referred the matter to the Garda Síochána. The director is independent in the conduct of his affairs – he does not report to me nor would it be right if he did so.
It is disappointing that the inquiries are taking so long but that is not due to a lack of effort on our part. We have been the subject of efforts by lawyers operating on behalf of some of the people and companies being investigated. This delayed matters and there was a recent second case in the High Court concerning the two Dunnes Stores appointments. A judgment is reserved in that matter.
I wish we could have proceeded more rapidly but I am confident that I will have the final reports on many of the companies to which I referred. The reports have to be drafted in conjunction with legal advice. It could take two weeks, a month or five weeks but I will have the majority of them within the next two months.
How can the House be confident that something will happen once the Minister has sent the reports to the Revenue Commissioners, the DPP, the Garda, the Stock Exchange or whoever? The Minister will claim that she no longer has responsibility for them. The public is entitled to know that the investigations have led to prosecutions or, at least, a change in the way in which matters have been handled over the past few years. How do we know what will happen to these reports if the Minister will not tell the House what will happen after they have left her office?
Some of the matters being investigated are also the subject of inquiries by the two tribunals established by the Oireachtas. I am not accountable for the Revenue Commissioners. I cannot be certain of what will happen in the case of reports sent to them. However, the regime which operates in the Revenue Commissioners under its chairman, Dermot Quigley, will ensure that those who have evaded their tax responsibilities will be pursued.
I am also certain that the DPP will instigate proceedings if he feels that people have a case to answer. I presume he has referred the matters to the Garda with a view to compiling a case.
