Minister takes action

The appointment of Mr McCann was made under Section 14 of the 1990 Companies Act. It is only the third such appointment under Section 14. In September 1991 the Government appointed Mr Maurice Curran to look into payments by Suicre Eireann (now Greencore) to its then managing director Mr Chris Comerford.

Mr Curran's report lead to the appointment by the High Court of two inspectors, Mr Ciaran Foley and Mr Aidan Barry to Greencore. They reported in December 1991 and the report was forwarded to the Director of Public Prosecutions. In October 1991 Mr John Glacken was appointed as inspector to establish the beneficial ownership of the companies involved in the purchase of the Telecom Eireann site in Ballsbridge.

He reported in July 1992 and the Minister froze the shares of United Property Holdings. The final report of the inspector, published in July 1993, went to the Director of Public Prosecutions, the Revenue Commissioners and the Stock Exchange while the restrictions on the UPH shares were removed in 1995. Commenting on Mr McCann's appointment, the Minister for Enterprise Ms Harney insisted last night that it was essential for the integrity and credibility of corporate Ireland that any wrongdoing was identified and, if appropriate, prosecuted through the courts.

"Far too often a blind eye is turned in relation to such matters. Under my ministry I intend to utilise all the powers available to ensure that the highest ethical standards are applied in respect of company law issues."