C&C says it has no details of possible Central Bank assessment of director share dealing

Philip Lynch

Philip Lynch

 


Irish-listed drinks group C&C said yesterday it had received no information about a potential assessment by the Central Bank of share dealing involving a former director of the company.

RTÉ yesterday reported that the Central Bank would ask a legal expert to conduct an assessment to ascertain whether businessman Philip Lynch breached regulations in relation to shares he purchased in C&C while he was a non-executive director of the company.

A spokesman for C&C said the company had no information about this and declined to comment further. No comment was available from the bank, while Mr Lynch could not be reached last night.

The regulator’s probe began in early 2009 and involves 600,000 C&C shares that Mr Lynch purchased for more than €800,000 in late 2008. The following month, C&C recruited a number of senior executives from rival Scottish & Newcastle to turn around the company’s fortunes. C&C’s share price rose in value and currently trades at about €4.80.

Mr Lynch joined the board of C&C in 2004 and stepped down late last year. He is a former head of IAWS plc and investment group One51.

According to RTÉ, the regulator has appointed a panel who can assess if regulations have been breached and if a sanction is appropriate.