High Court blocks Ernst and Young challenge to Anglo inquiry

The High Court has refused to allow accountancy firm Ernst and Young to bring a challenge to an investigation into its conduct as auditors of Anglo Irish Bank.

The company wants to stop the inquiry, claiming no actual complaint had been made against it as was required under bylaws governing the investigation by the Chartered Accountants Regulatory Board.

The court has found Ernst and Young is too late to object to the board's appointment of special investigator John Purcell.

Ms Justice Mary Irvine also said the firm was trying to effectively torpedo and fatally terminate the investigative process and that it had failed to provide a cogent, weighty and meritorious explanation for their delay in seeking to quash his appointment.

In a statement, Ernst and Young said it was disappointed by the High Court’s decision and that it had raised a genuine concern over the process being followed by the investigation.