The Director of Public Prosecutions may decide within weeks whether to prefer charges in relation to some completed aspects of the three-year long investigation by the Director of Corporate Enforcement (ODCE) into the collapse of former Anglo Irish Bank, the High Court was told today.
The ODCE is investigating five issues and has sent some 150 files on those investigations to the DPP to date. The investigation into two issues has been completed, the rest are “substantially complete” and the ODCE secured an order from the court allowing another six months to finish the investigation.
Mr Justice Peter Kelly noted this was the eighth application in the investigation, which, while hugely complex and dealing with a wide variety of criminal offences never considered before here, still seemed to be taking “a very, very long time”.
He was “taken aback” to hear just 11 gardaí were seconded to the ODCE investigation to work with eight ODCE officials into this largest and most serious investigation in the State’s history, the judge remarked.
That number of gardaí seemed extraordinary in the context of this investigation but, he noted, the ODCE believed that number was enough to ensure the investigation proceeded at “reasonable” speed.
The Garda Bureau of Fraud Investigation is conducting a parallel investigation into Anglo and late last year sent a file to the DPP on back to back deposits which Ango undertook with Irish Life & Permanent in September 2008.
Paul O’Higgins SC, for the ODCE, sad he was not aware of the number of gardaí involved in that investigation.
The ODCE investigation is essentially complete into two issues - the provision of a loan to an Anglo executive director in late 2008 and the bank’s failure to maintain a register of transactions with its directors and persons connected with those directors.
Large files have been sent to the DPP on those matters which do not relate to current officials of Anglo, renamed the Irish Bank Resolution Corporation.
The investigation into the remaining three issues is “substantially complete”, the court heard.
That phrase was almost meaningless as he had been told of “substantial progress” several times over the last three years which gave a misleading view of a state of investigation not in fact reached, the judge said.
Some strands of the probe were however complete and he was “glad” to be told by Una Ni Raifeartaigh SC, for the DPP, the DPP is reviewing a previous decision not to make any decision on charging any persons until the investigation into all five issues was complete.
Ms Ni Raifeartaigh had said there may be one or two strands of the investigation where an isolated decision could be taken whether to charge or not.
This was a novel and unprecedented investigation in its scope and novelty of issues and offences and involving numerous persons and millions of documents over years, she said. The intention was to get a fair picture of what happened and where responsibility lies.
The judge concluded yesterday it was in the interests of justice to grant the Director’s application to retain copies of millions of documents seized from Anglo in February 2009 and extend the investigation to July 24th next. A refusal to extend would only be in the interest of possible wrongdoers and he had no intention of giving them “any quarter whatsoever”.
Earlier, he heard the delay in fully completing all five strands of the ODCE investigation arose from several factors, including the reluctance of persons regarded as key witnesses to provide statements and addressing issues raised by their lawyers.
Delays alse appeared related to awaiting legal advices on files sent to the DPP and addressing issues raised in such advice.
In an affidavit, Supt Eamon Keogh, seconded to the ODCE for the investigation, said there was “substantial and concrete progress” made in relation to all strands of the ODCE probe since the matter was last before the court in July 2011.
Two strands were complete with all material evidence gone to the DPP although lawyers might advise the DPP additional evidence was required.
The investigation relating to a third issue - loans by Anglo in mid-2008 to certain parties to buy its shares - required some “minor” work to complete.
A file was sent to the DPP on January 20th last on a fourth issue relating to transactions by Anglo directors and the suspected provision by Anglo officers of false or misleading informaiton to the bank’s auditors. Further investigative work on that issue was necessitated due to the unexpected length of the investigation’s engagement with “reluctant” witnesses.
