Dáil Éireann debate -
Tuesday, 22 Jun 1999

Vol. 506 No. 5

Written Answers. - Company Investigations.

Pat Rabbitte

Question:

39 Mr. Rabbitte asked the Tánaiste and Minister for Enterprise, Trade and Employment the inquiries being carried out by or on behalf of her Department; the progress, if any, being made on these inquiries; when each inquiry will be completed; the inquiries in respect of which she will be able to publish the results; and if she will make a statement on the matter. [15814/99]

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

My Department's work in examining the books and documents of six companies under section 19 of the Companies Act, 1990, is substantially completed, and a number of reports are now being prepared by the authorised officer. I expect to receive final reports on many of these investigations over the summer period. The companies involved are Ansbacher (Cayman) Limited, Celtic Helicopters Limited, Guinness and Mahon (Ireland) Limited, Hamilton Ross Company Limited, Irish Intercontinental Bank Limited and Kentford Securities Limited.

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. In relation to College Trustees Limited, I hope that the officer will be given the books and documents that he has specified in the near future. It is not possible to speculate at present as to when these three reports might be completed.

Under section 21 of the Companies Act, 1990, I am precluded from publishing information relating to a company which has been obtained under section 19 of the Act, except with the prior written consent of the company concerned. In the case of the two section 19 reports which have been completed, namely Faxhill Homes Limited and Garuda Limited, I do not have any authority to publish these reports. However, I have used my powers under section 21 to refer these reports to the DPP, the Minister for Finance, certain authorised officers of the Minister in the Revenue Commissioners and the authorised officer to Dunnes Stores Ireland Company and Dunnes Stores (ILAC Centre) Limited. I will be considering my options under section 21 as I receive each completed report.

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 expect that it will be some time yet before they will be ready to submit their final report to the High Court. It will be a matter for the High Court to determine in due course whether and to what extent this report will be published.