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Dáil Éireann díospóireacht -
Thursday, 3 Dec 1998

Vol. 497 No. 7

Written Answers - Company Investigations.

Róisín Shortall

Ceist:

14 Ms Shortall asked the Tánaiste and Minister for Enterprise, Trade and Employment the costs to date incurred by her Department in relation to the numerous investigations into company irregularities; her Department's estimate of the likely final cost of all these investigations; and when she will be in a position to give a report on each of these investigations to Dáil Éireann. [26116/98]

The number of company investigations being carried out — and recently carried out — by my Department is 13. The cost so far of these inquiries to my Department amounts to about £205,000. This figure includes costs of about £28,000 incurred in 1997. While it is not yet possible to quantify what the final cost will be, I expect the outturn for 1998 to be about £272,000, and the 1999 Estimate allocated to my Department for company investigations is £250,000 These figures do not include the normal salary costs of my Department's staff who are involved in progressing these inquiries.

Ten of the 13 investigations relate to examinations of company books and documents being conducted under section 19 of the Companies Act, 1990. Under section 21 of the 1990 Act, section 19 reports may only be published with the previous consent in writing of the body concerned, save in certain specified circumstances. Until these reports have been completed and until contact has been made with each of the companies involved, I will not be in a position to know the extent to which I will be able to report on these investigations. I hope, however, to have a number of them completed in the first quarter of 1999.

The inquiry under section 14 of the Companies Act, 1990, into Bula Resources (Holdings) Ltd. was concluded last July, and copies of the inspector's report were laid before the Houses of the Oireachtas on 4 August 1998. The cost of £201,000 for this investigation was met by my Department and is included in the above figures.

Two investigations under the auspices of the High Court are ongoing, pursuant to section 8 of the Companies Act, 1990. These relate to National Irish Bank Ltd. and National Irish Bank Financial Services Ltd. and are being conducted by inspectors John Blayney and Tom Grace, FCA. The cost of these inquiries — amounting to £615,000 to date — is being met from the Vote of my colleague, the Minister for Justice, Equality and Law Reform. As the outcome of a Supreme Court appeal is awaited on the conduct of the inspector's inquiries, it is not possible to indicate when these will conclude. It is usual for such reports to be published, although this is entirely a matter for High Court decision in individual cases.
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