Sixty two criminal charges were brought last year against individuals arising from investigative work by the Office of the Director of Corporate Enforcement.
That is according to the 2021 annual report for the ODCE, which states that the criminal charges directed related, amongst others, to alleged company law offences of fraudulent trading and the furnishing of false information as well as to theft and money laundering.
According to Director of the ODCE Ian Drennan, three individuals were convicted, or facts were found to have been proven in respect of 12 offences.
Mr Drennan adds that, at year end, four cases involving some 60 charges remained before the District or Circuit Courts and one file was with the Director of Public Prosecutions for consideration as to whether charges should be directed on indictment.
Mr Drennan states that this prosecution activity was in addition to progression of a number of large-scale investigations, and an ongoing High Court Inspectorship.
Mr Drennan states that the office directed the rectification of directors' loans infringements to the value of almost €10m.
The ODCE last year increased the number of forensic accountants employed from four to seven, and Detective Gardaí from four to eight.
Looking to the year ahead, Mr Drennan states that the prevailing view seems to be that corporate insolvencies have been artificially low in recent years and that, as State supports are withdrawn and temporary legislative provisions unwind, the number of companies entering insolvent liquidation will increase – potentially significantly.
He said that should that come to fruition, that will likely see a material increase in the volume of liquidators’ reports being submitted in the coming years.
The number of complaints made by members of the public to the ODCE last year increased from 149 to 201, including 21 allegations of reckless/fraudulent and insolvent trading and 25 concerning directors’ conduct.
Mr Drennan states that the numbers of auditors’ indictable offence reports increased from 75 to 131.
The report states that, last year, 51 directors were restricted and 16 were disqualified on foot of undertakings or court orders.
In addition, 23 directors of dissolved insolvent companies were disqualified by means of disqualification undertakings.
The report confirms that last year the ODCE received two protected disclosures.
The spend by the ODCE last year increased by 16%, from €4.3m to €5m.
A large factor was the increase in legal expenses rising by 65%, from €995,900 to €1.64m.
A note attached to the accounts states that 2021 legal costs associated with the High Court Inspection into the then Independent News & Media plc, now Mediahuis Ireland Group Limited, exceeded anticipated levels.
Under 'in the year ahead’, Mr Drennan stated that "the ODCE will continue to progress its ongoing investigations and associated litigation with a view to submitting files to the DPP".
He said: "In addition, we may see the INM Inspectors report their findings to the High Court – in which case the Inspectors’ report will be provided to the ODCE for examination".
He said: "All of that is in addition to our ongoing examination of issues arising with a view to determining whether the opening of new investigations is warranted."
