Dáil Éireann debate -
Wednesday, 26 Jan 2000

Vol. 513 No. 1

Written Answers. - Departmental Inquiries.

Nora Owen

Question:

161 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the status of all inquiries being undertaken by her Department; the prosecutions, if any, which have commenced as a result of these inquiries; the nature of all inquiries; and if she will make a statement on the matter. [2016/00]

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

Six examinations of company books and documents are ongoing at present in my Department under section 19 of the Companies Act, 1990. The companies involved are Celtic Helicopters Ltd., College Trustees Ltd., Guinness & Mahon (Ireland) Ltd., Hamilton Ross Co. Ltd., Irish Intercontinental Bank Ltd. and Kentford Securities Ltd.

While I also decided some time ago to examine the books and documents of Dunnes Stores (ILAC Centre) Ltd. and Dunnes Stores Ireland Company, this decision has been judicially reviewed. The High Court determined inter alia on 6 July last that my decision was properly made. However, I am at present awaiting a Supreme Court decision on appeals made by both sides against aspects of the High Court decision.

Three further inquiries are being undertaken by inspectors appointed by the High Court at my request under section 8 of the Companies Act, 1990. The companies involved are National Irish Bank Ltd., National Irish Bank Financial Services Ltd. and Ansbacher (Cayman) Ltd. The latter two followed from Departmental investigations undertaken under section 59 of the Insurance Act, 1989 and section 19 of the Companies Act, 1990 respectively. In addition, three investigations have been completed into the following companies: Bula Resources (Holdings) plc, under section 14 of the Companies Act, 1990, and Faxhill Homes Ltd. and Garuda Ltd., both under section 19 of the 1990 Act.

In the cases of Bula and Faxhill, my Department is considering, in conjunction with our legal advisers, whether I should initiate summary prosecutions for various suspected offences under the Companies Acts. In the Garuda case, I am not in a position to prosecute any company law offences arising from this report, due to the expiry of the applicable time limits in section 240(5) of the Companies Act, 1990 for the initiation of summary proceedings.

Under section 21 of the Companies Act, 1990, I have also disclosed the completed reports, where appropriate, to the Minister for Finance, the DPP, the Central Bank, the Revenue Commissioners and a number of other parties. As further reports are submitted on completion of the outstanding investigations, I will be deciding, in conjunction with my legal advisers, what action is appropriate in individual cases.