Dáil Éireann debate -
Wednesday, 9 Feb 2000

Vol. 514 No. 1

Written Answers. - Company Investigations.

Eamon Gilmore

Question:

56 Mr. Gilmore asked the Tánaiste and Minister for Enterprise, Trade and Employment the position in regard to the inquiries being carried out by or on behalf of her Department; the progress made in each of these inquiries since 4 November 1999; the inquiries in respect of which reports have been referred to the Director of Public Prosecutions; and if she will make a statement on the matter. [3490/00]

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

Since 4 November last, a significant development in relation to our Department's company investigations has been the commencement of section 53, of the Companies (Amendment) (No. 2) Act, 1999, on 21 December 1999. This brought into effect the amendment of section 21 of the Companies Act, 1990, which was debated at length in this House.

In accordance with the revised section 21, we have disclosed to the Moriarty Tribunal on 24 January last, the Ansbacher (Cayman) Limited report, the Garuda Limited report and a portion of the Faxhill Homes Limited report, all of which were prepared by or on behalf of our Department under section 19, of the 1990 Act. We also referred the Garuda Limited report and part of the Faxhill Homes Limited report, to the Institute of Chartered Accountants in Ireland, on 31 January last.

For the reasons advanced in our earlier reply, we transmitted the Garuda Limited report back to the DPP on 31 January last also. This brings to three the number of company investigation reports, currently in the possession of the DPP, as the reports on Bula Resources (Holdings) plc and National Irish Bank Financial Services Limited (NIBFS) were transmitted to him, in mid-1998.

Following a recent request from Mr Justice Flood, we disclosed to the Flood Tribunal yesterday, a copy of the interim report of Mr Martin Cosgrove of our Department, into NIBFS. We have also decided to forward a copy of the Ansbacher (Cayman) Limited report to the tribunal, and the necessary arrangements are being made to give effect to this decision, in the next few days.

Yesterday, the Supreme Court issued its judgment in respect of the judicial review proceedings, launched by Dunnes Stores against our decisions in July of 1998 to examine, pursuant to section 19 of the Companies Act, 1990, the books and documents of Dunnes Stores (ILAC Centre) Limited and Dunnes Stores Ireland Company. The House may recall that last July, the High Court held that these decisions were properly made, but that the demand made by our authorised officer for books and documents, was not of a sufficiently specific character. However, the Supreme Court has held that the High Court did not determine, a number of other matters in this case. Consequently, it has set aside the High Court order in its entirety and has remitted the proceedings back to the High Court, for a fresh determination of the issues at stake. We will be seeking an early date for a re-hearing of the case in the High Court.

The six examinations of the books and documents of Celtic Helicopters Limited, College Trustees Limited, Guinness & Mahon (Ireland) Limited, Hamilton Ross Company Limited, Irish Intercontinental Bank Limited and Kentford Securities Limited are ongoing. The same applies to the three company inquiries, being undertaken under the auspices of the High Court, into National Irish Bank Limited, NIBFS and Ansbacher (Cayman) Limited. I have no significant developments to report with respect to these investigations, since 4 November last. I am aware that our authorised officer is currently finalising one of his remaining reports, which we expect to receive in the coming weeks.