Main findings

 

Extracts from the report:

“ What I discovered was in fact quite simple - a costly error in the judgment and appreciation by the founder and then Chief Executive of DCC as to the quality of the confidential Fyffes information he had in his possession.”

“ I have concluded that, contrary to the Director [of Corporate Enforcement’s] understandable apprehension at the time of the application for my appointment, his concerns were largely unfounded.”

“ I have also concluded that the legal advice, which I believe to have been incorrect, was given in good faith and in the firm belief that it was correct.”

“ The fact that the sale by a shareholder of its shares in a publicly quoted company might affect price sentiment in relation to that company’s shares could not, on its own, constitute ‘insider dealing’”

“ I am satisfied that no one involved in effecting the share sales within DCC knew that Jim Flavin had any information of a price-sensitive nature in his possession which could make the dealing unlawful.”

“ The good news from the perspective of the director, and corporate compliance in Ireland, is that the court, the public and the market can be reassured and take comfort from the fact that one of Ireland’s largest listed public companies had a well-developed culture of compliance, maintained high corporate standards and was a good corporate citizen, notwithstanding the costly error of appreciation by its then chief executive.”

“ . . . the suggestion that the dealing was intentionally wrongful, or that it was evidence of dishonesty on the part of Jim Flavin and of a culture of disrespect for the companies code in DCC, can be dispelled.”