DCC report to be given to ODCE first
Monday, 21 December 2009 14:33The report of an inspector appointed to investigate unlawful insider dealing by DCC, and by its former chief executive Jim Flavin, is to be given to the Director of Corporate Enforcement before it is circulated any further, the Commercial Court has heard.
The report, which was presented to Mr Justice Peter Kelly last Friday, relates to the €106m sale of the DCC stake in Fyffes in February 2000. It followed court findings about these activities which resulted in DCC paying Fyffes over €37m in damages.
Its findings could provide the basis for disqualification proceedings against any persons involved in the 2000 share sales.
Mr Justice Peter Kelly, who received the inspector's report last Friday, said a limited number of people in the Director's office will be allowed to see it before the two companies involved get it and before any publication would take place.
It is to first go to the Director of Corporate Enforcement to give him an opportunity to make observations on it, Mr Justice Kelly ruled.
He was told Sean Ward, an officer in the ODCE, had been nominated to receive the report and the judge ordered that Mr Ward would decide the other people with the ODCE, including legal advisors, who could see the report.
The judge ruled the matter should come back before him on January 11 when it should be made available to the two companies, subject to the ODCE's observations. It could come back before the court a week later during which time the companies can have considered.
The judge said all who receive the report would be subject to undertakings of confidentiality.
