ODCE announces that it has submitted three further files in investigation to DPP
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today (Friday) welcomed the announcement by the Director of Corporate Enforcement that his Office has submitted three further investigation files in the Anglo Irish Bank investigation to the DPP in recent months and that its investigation is almost complete.
The Minister was speaking in welcoming the publication of the ODCE of its annual report for 2011. 2011 marked ten years of the Office’s existence and the Minister noted the significant work that the Office has undertaken during this period and to highlight some of its considerable achievements including:
a number of demanding investigative and enforcement initiatives in cases such as National Irish Bank, DCC, Bovale Developments and Ansbacher;the successful prosecution of more than 100 companies, company directors and other persons on 300 criminal charges in the company law area;
the disqualification of over 100 directors and other persons from involvement in a company for an average period of five years, and the restriction of 1,200 company directors arising from liquidator applications made under the supervision of the ODCE ; a success rate of over 90% with its legal actions; the issue of over 80 new or revised company law guidance publications.
.The Minister said:
"I welcome the announcement that the ODCE has submitted to the DPP more files in its investigation into the former Anglo Irish Bank, by far the biggest and most complex investigation undertaken to date by the Office. This is an extremely important investigation and today’s announcement is good news. I note that the Office has sent nine extensive Anglo investigation files to the DPP to date. The matter is now in the hands of the DPP who is legally independent, and it is for her to decide what, if any, action she considers appropriate.
The Director of Corporate Enforcement has assured me that his Office remains available to assist the DPP in her deliberations by addressing any queries she may have on the investigation files."
ENDS
Notes for Editors
Background Note
The investigative phase of the ODCE’s Anglo Irish Bank inquiries is almost complete. While there are some residual matters on which work is on-going, the ODCE expects to complete work on these in the near future. ODCE staff remains available to address queries from the DPP’s Office in order to assist with its deliberations on the investigation files. Every consideration will also be given to fulfilling any future DPP requests which may be made for additional evidential materials.
The present status of the various ODCE investigations is summarised in the following table.
Status of ODCE Investigation
1) Provision by Anglo of funds to various parties in July 2008 for the purchase of its shares (suspected offence under company law)
Two large investigation files were sent to the DPP in March 2011 and December 2011. A lengthy ODCE report preceded these files in December 2010.
2) Regular refinancing of certain Anglo directors’ loans close to Anglo’s end-year reporting date (suspected company law offence of providing false or misleading information to Anglo’s auditors)
Two large investigation files were sent to the DPP in January 2012 and March 2012. A lengthy ODCE report preceded these files in December 2010.
3) Provision by Anglo in 2008 of a loan to one of its directors (suspected offence of fraudulent trading)
Two investigation files were sent to the DPP in December 2010 and December 2011.
4) Failure by Anglo to maintain a register of loans to its directors (suspected offence under company law)
Two investigation files were sent to the DPP in August 2011 and December 2011.
5) Content of Anglo financial and other public statements in 2008 (concerns of inadequate disclosure under company law)
A large initial investigation file was sent to the DPP in March 2012. An ODCE report preceded this file in December 2010. This area is closely related to the other investigated events. The DPP’s Office has been informed that no new work is being undertaken here pending receipt of feedback.
GBFI Anglo Irish Bank Investigations
The Garda Bureau of Fraud Investigation (GBFI) has likewise sent a number of large investigation files to the DPP in the following areas:
·
short-term back-to-back deposits of about €7.4 billion received by Anglo in late September 2008;
·
the provision by Anglo of funds to various parties for the purchase of its shares in July 2008 (possible market abuse aspect).
A small amount of work is understood to be ongoing.
The Role of the DPP
In considering the ODCE and GBFI investigation files, it is entirely a matter for the Director of Public Prosecutions to determine if, and to what extent, any of these files warrant prosecution and/or further investigation. The DPP is independent in the performance of her functions.
All DPP decisions are highly sensitive and require very careful consideration. Where circumstances warrant, the DPP’s Office obtains the advice of Counsel to assist with its deliberations.