Dáil Éireann debate -
Thursday, 8 Mar 2001

Vol. 532 No. 3

Written Answers. - Departmental Investigations.

Ivor Callely

Question:

79 Mr. Callely asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress of the investigations and examinations into company irregularities being undertaken by her Department; and if she will make a statement on the matter. [7249/01]

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

Five examinations of company books and documents are ongoing under section 19 of the Companies Act, 1990. The companies involved are Celtic Helicopters Limited, College Trustees Limited, Guinness & Mahon (Ireland) Limited, Hamilton Ross Company Limited and Kentford Securities Limited. The examinations of Celtic Helicopters and Kentford Securities Limited are well advanced, and I expect to receive final reports on these companies in the coming months. The remaining examinations will take additional time and I do not yet have a precise forecast of their likely completion dates.

As I have indicated previously, the High Court last July quashed my decision to examine the books and documents of Dunnes Stores Ireland Company and Dunnes Stores (ILAC Centre) Limited. An appeal has been lodged on my behalf with the Supreme Court and will be heard on 2 July 2001.

Three High Court inquiries are also being undertaken into Ansbacher (Cayman) Limited, National Irish Bank Limited (NIB) and National Irish Bank Financial Services Limited.

A total of six investigations have been completed to date. These related to National Irish Bank Financial Services Limited, under section 59 of the Insurance Act, 1989, Bula Resources (Holdings) plc, under section 14 of the Companies Act, 1990, and Ansbacher (Cayman) Limited, Faxhill Homes Limited, Garuda Limited, trading as Streamline Enterprises and IIB Bank Limited, the latter four under section 19 of the 1990 Act.

The reports on Bula Resources (Holdings) plc, Garuda Limited and National Irish Bank Financial Services Limited are with the Director of Public Prosecutions for consideration. I am not aware of any prosecutions having yet been initiated by the DPP on foot of these reports.

A total of 29 summonses have since been issued on behalf of my Department against Faxhill Homes Limited and its directors in respect of various suspected breaches of the Companies Acts. The defendants have pleaded guilty to three offences under section 91 – register of debenture holders – of the Companies Act, 1963. The case resumed at Naas District Court earlier this week.

Consultations with my legal advisers are ongoing regarding the possible initiation of summary prosecutions for suspected breaches of the Companies Acts identified in the Bula report. Enforcement action will also be considered in other appropriate cases.

Last year, my Department secured 46 convictions for various company law breaches which were drawn to our attention. This creditable performance compares with 16 convictions in 1999 and one in 1998.