Sixteen investigations into company law matters were initiated by my predecessor in the period since 1997. In three cases, the High Court appointed, on an application by the Minister, inspectors under section 8 of the Companies Act 1990. The inspectors appointed to Ansbacher (Cayman) Limited presented their report to the High Court on 10 June 2002. The report was subsequently published and referred to the DPP.
The inspectors appointed to National Irish Bank Limited and National Irish Bank Financial Services Limited presented their report to the High Court on 12 July 2004. The report was subsequently published. The court ordered that a copy of the report be referred to several relevant authorities, including the DPP. In 2005, the Director of Corporate Enforcement initiated proceedings in the High Court under section 160(2) of the Companies Act 1990, as amended, seeking the disqualification of nine persons against whom adverse comment was made by the inspectors. I note that last October the High Court granted a disqualification order against one of the nine persons. The proceedings against the other eight remain before the court.
One investigation under section 14 of the Companies Act 1990 was completed in 1998. The report on this was referred to the DPP. One investigation was undertaken under section 59 of the Insurance Act 1989. The report on this was referred to the DPP as well as to the inspectors who undertook the section 8 investigation into that company.
Eleven investigations were initiated by the Minister under section 19 of the Companies Act 1990. Six of these have been concluded. Of the six investigations completed, two of the reports were referred to the DPP. A number of summary prosecutions have since been successfully concluded in one case. One report provided an input into the successful application to the High Court for the appointment of inspectors under section 8 while the fourth report was passed to the relevant High Court inspectors. One report was completed in September 2002 and a further report was completed in March 2003. Both reports have been referred to the Director of Corporate Enforcement. Two of the 11 section 19 investigations were held up in legal appeals. These inquiries are now the responsibility of the Director of Corporate Enforcement.
In relation to the three remaining section 19 investigations, the current position is that in June 2005 I directed the authorised officer to place at the disposal of relevant public authorities, including tribunals, whatever information and assistance arising from his investigative work was required by those authorities for the purpose of the performance of their statutory functions. This process is continuing and will be completed as soon as possible. My objective in giving this direction is to achieve the earliest possible pursuit by the appropriate authorities of any matter which may require action by them.