The number of investigations being carried out and recently carried out by my Department under insurance and companies legislation is 13.
These include ten investigations under section 19 of the Companies Act, 1990 into Celtic Helicopters, Garuda Ltd., Irish Intercontinental Bank Ltd., Guinness & Mahon (Ireland) Ltd., Kentford Securities LTD., Ansbacher (Cayman) Ltd., Hamilton Ross Co. Ltd., Faxhill Homes Ltd., Dunnes Stores Ireland Company and Dunnes Stores (Ilac Centre) Ltd. These investigations are ongoing except in the case of the two Dunnes Stores inquiries which are subject to judicial review. The hearing of the review is expected to commence this week.
An investigation under section 14 of the Companies Act 1990 into Bula Resources (Holdings) Ltd. has been concluded and a report was submitted on 22 July last. I have sent the report inter alia to the DPP, the Central Bank, and the Garda bureau of fraud investigations for whatever action these authorities deem appropriate. I have also sent the report to the company and to the Stock Exchange and am at present considering the responses which I recently received from these parties.
There are two investigations under the Insurance Acts one of which involving Irish Life plc. is ongoing. The second involving National Irish Bank Financial Services Ltd. has been concluded and has led to the appointment of two High Court inspectors to the company. The report itself has been referred by me to the DPP and the Revenue Commissioners for whatever action those authorities deem appropriate.
There are four officers of my Department carrying out the section 19 inquiries under the Companies Acts. Three officers are carrying out the inquiry into Irish Life under the Insurance Acts. One external auditor is carrying out the inquiry into Faxhill Homes Ltd. and an outside inspector carried out the inquiry into Bula Resources (Holdings) Ltd. Some of the officers of the Department are also involved in other work.