Dáil Éireann debate -
Thursday, 4 Nov 1999

Vol. 510 No. 2

Written Answers. - Departmental Investigations.

Nora Owen

Question:

48 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the inquiries ongoing in her Department under the Companies Acts; the inquiries, if any, which have been completed; the action, if any, taken following on their completion; and if she will make a statement on the matter. [21883/99]

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

The number of investigations which are ongoing in my Department is six. These are being undertaken under section 19 of the Companies Act, 1990 into the following companies: Celtic Helicopters Limited, College Trustees Ltd., Guinness & Mahon (Ireland) Limited, Hamilton Ross Co. Limited, Irish Intercontinental Bank Ltd. and Kentford Securities Limited. The examination under section 19 of the books and documents of a further two companies, Dunnes Stores (ILAC) Limited and Dunnes Stores Ireland Company, has been delayed because of ongoing legal actions.

Four investigations have been completed into the following companies: Bula Resources (Holdings) plc – under section 14 of the Companies Act, 1990 – Ansbacher (Cayman) Limited, Faxhill Homes Limited and Garuda Limited – all under section 19 of the 1990 Act.

The Bula report was published on 22 July 1998, and it was forwarded to a number of authorities, including the DPP, the Irish Stock Exchange and the Central Bank for their attention. Some company law breaches were also detected, which following legal advice, I intend to prosecute on a summary basis under the Companies Acts.

I received the Garuda report on 14 December 1998 and subsequently referred it to the DPP, the Minister for Finance, certain officers authorised by the Minister for Finance in the Revenue Commissioners and the Central Bank for their attention. I am not in a position to prosecute any company law offences arising from this report, due to the time restriction of three years imposed in section 240(5) of the Companies Act, 1990.

I received the Faxhill report on 22 December 1998 and subsequently forwarded it to the DPP. In consultation with my legal advisers, I am considering whether there are sufficient grounds to mount one or more summary prosecutions for suspected offences under the Companies Acts. I obtained the Ansbacher report on 22 June 1999 and on 22 September I successfully petitioned the High Court for the appointment of inspectors to the company under section 8 of the Companies Act, 1990. Copies of the report have also been given to a number of parties, including the Minister for Finance, certain officers authorised by the Minister for Finance in the Revenue Commissioners and the Central Bank for their attention. I will decide, in consultation with my legal advisers, whether any prosecution for Companies Act offences can be undertaken in this case on completion of the inspectors' report. In addition two National Irish Bank inquiries are ongoing under the auspices of the High Court.