Compiled by
SUZANNE LYNCH
1976Jim Flavin founds business conglomerate Development Capital Corporation (DCC).
1981DCC acquires a significant shareholding in Fyffes, the same year as Flavin becomes a non-executive director of the fruit company.
1995DCC and subsidiary SL transfer their 10.5 per cent shareholding in Fyffes to subsidiary company Lotus Green.
FEBRUARY 2000DCC – through its subsidiary Lotus Green – sells its entire holding of shares in Fyffes, netting some €106 million for the group. The 31.2 million ordinary shares are sold in three tranches on February 3rd, 8th and 14th. Flavin announces that he is to resign from the board of Fyffes.
MARCH 2000Fyffes issues a profit warning to the Irish Stock Exchange after which its share-price falls by 25 per cent in two days.
NOVEMBER 2001The Office of the Director of Corporate Enforcement (ODCE) is established. The director is given extensive powers of investigation, including the power to seek the appointment of a High Court inspector.
JANUARY 2002Fyffes commenced civil insider dealing proceedings against DCC, SL, Lotus Green and Flavin under the Companies Acts. Fyffes claims that, because Flavin is a director of Fyffes, he had inside information relating to the company at the time DCC sold its shareholding in Fyffes.
DECEMBER 2004The case opens in the High Court before Ms Justice Mary Laffoy (below). It lasts 87 sitting days.
DECEMBER 2005The High Court rules against Fyffes. The company later appeals to the Supreme Court.
July 2007A unanimous five-judge ruling of the Supreme Court overturns the High Court finding that the information in Flavin's possession was not price-sensitive. It concludes that insider dealing had occurred and that Fyffes was entitled to damages in respect of its claim. The ODCE tells the court it can of its own motion decide, on the basis of evidence heard, whether it should impose disqualification sanctions. The court subsequently decided any disqualification would be a matter for the High Court. In the wake of the Supreme Court ruling, the DCC board expresses its "full confidence in and unanimous support for Jim Flavin".
APRIL 2008Fyffes and DCC settle their marathon legal case by agreeing that DCC will pay a total of €41 million in compensation to Fyffes and various institutional investors. Most of that sum – €37.6 million – is to be paid to Fyffes, while the remaining €3.4 million is to go to four parties representing institutional investors who lost out because of the sales: Eagle Star Insurance, Hibernian Insurance, Dreyfus Funds and Founders Asset Management.
May 2008Flavin resigns as executive chairman of DCC due to the "continuing uncertainty" arising from the outcome of the Fyffes case, according to a DCC statement. "While I am resigning, I firmly hold the view that I have always acted honourably and in what I believe to be the best interests of the company and all its shareholders," Flavin says in a statement.
JUNE 2008Director of Corporate Enforcement Paul Appleby makes an application to the High Court to appoint an inspector to DCC, SL and Lotus Green to examine the acquisition and disposal of the Fyffes shares in 1995 and 2000.
JULY 2008Mr Justice Peter Kelly appoints Bill Shipsey SC as inspector to DCC, SL and Lotus Green. A "thorough investigation" was in the public interest, he says.
DECEMBER 21ST, 2009Shipsey's report is presented to the court and distributed to the ODCE, the Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan, the DCC companies and Flavin.
JANUARY 19TH, 2010The High Court hears that the report into DCC and transactions linked to insider dealing in Fyffes shares has found that any breaches of company law which occurred "were not made intentionally". Appleby says his office does not propose to take any proceedings arising from the report.
