Six-year ban for former MD welcomed

A SIX-YEAR company law disqualification by the High Court of former managing director (MD) of Läpple Ireland Ltd John Slattery has been welcomed by the acting director of corporate enforcement Paul Appleby.

Mr Slatter (66), from Mortarstown, Kilkenny Road, Carlow, was managing director of the company when it produced accounting irregularities concerning €21 million.

The company is a subsidiary of the German Läpple AG, which produces tools for the automotive industry.

The High Court was told that in late 2006 audited accounts for Läpple Ireland for the 2005 year disclosed accounting irregularities requiring the making of prior-year adjustments of €21 million.

An inquiry initiated by Mr Appleby’s office, and which received the voluntary co-operation of Läpple staff, found that the irregularities were due to the manual substitution of incorrect figures over a period of years.

Mr Slattery was managing director of the company from 1999 to 2006.

The company’s Carlow plant closed in 2007.

The High Court, in ruling on the case yesterday, took into account Mr Slattery’s prompt acknowledgement of responsibility for the irregularities, which he said he had inherited.