DCC has told the High Court that it will be opposing an application from corporate law enforcer Paul Appleby to have court-appointed inspectors examine its dealings in Fyffes shares. Mr Justice Kelly set a date of June 19th for a full hearing of the case.
Holding company DCC and its subsidiaries Lotus Green and S & L Investments sold a 10.5 per cent stake in fruit importer Fyffes for some €104 million in 2000, yielding a profit of €85 million.
After a lengthy civil litigation initiated by Fyffes, the sale was ruled illegal by the Supreme Court last year because DCC's then chief Jim Flavin held insider information on Fyffes at that time.
Mr Appleby, the Director of Corporate Enforcement, wants inspectors to "examine and define" the transactions in question and examine whether any parts of the 1990 Companies Act were breached by the three DCC companies.
The court heard this morning that DCC is not contesting the application on grounds of fact.
