Work related to Anglo inquiry likely to be ’significant and continuing’ - ODCE

Work related to Anglo Irish Bank investigation is likely to be a "significant and continuing" feature of the work of the Director of Corporate Enforcement, the director said.

Publishing his annual report for 2012 today, Ian Drennan said his office's work on the Anglo investigation was "substantively complete".

But he would not comment further on the details of the investigation as charges have been brought.

“Given that the DPP has now directed that charges be preferred against a number of individuals, those matters are now before the courts and are as a consequence sub judice.

“Consequently, any public statements made have the potential to adversely impact the integrity of the trial process,” he said.

Asked, however, whether the Anglo investigation had had a broader effect on compliance with company law, Mr Drennan said his office would be surprised if the media coverage surrounding the fact that charges had been brought in the case didn’t have a “significant dissuasive effect”.

Former Anglo executives Sean FitzPatrick, Willie McAteer and Pat Whelan have been charged under company law with offences relating to allegedly providing unlawful financial assistance to 16 individuals in July 2008.

Mr Drennan said that insofar as his office’s activities regarding the former Anglo were concerned, 2012 was a year of “two discrete elements”.

"The first half of the year saw further files submitted to the Director of Public Prosecutions in respect of alleged offences under both section 60 of the Companies Act 1963 and section 197 of the Companies Act 1990.

“Having considered the material submitted by the ODCE, the DPP directed that a total of 60 charges be preferred against a number of individuals.”

Following the bringing of charges, those matters moved into the realm of the courts.

“As a consequence, during the second half of the year the office’s Anglo related activities were largely in the nature of assisting and supporting the office of the DPP in discharging its disclosure obligations to those persons against whom legal proceedings are pending.”

He said this was “a major undertaking” and, as such, was likely to be a significant and continuing feature of the office’s work “for some time to come”.

During the year, the office received almost 2,400 reports, referrals and complaints from external sources, including from liquidators,auditors, professional bodies, other regulatory authorities and members of the public.

It issued decisions in respect of over 1,200 liquidators’ reports. Some 227 company directors were restricted and a further 15 disqualified by the High Court on foot of liquidators’ applications.

In addition, the office secured rectification of directors’ loans of an aggregate value of about €55 million.

A total of 19 company directors were disqualified and a further two restricted on foot of applications by the office to the High Court.

Sixteen criminal convictions were secured in the District Court and files in a further three cases were submitted to the DPP for consideration as to whether charges should be preferred on indictment.

The 2012 annual report is Mr Drennan's first. He took over from former director Paul Appleby last August.