Elan US probe to end in six weeks

THE drug company, Elan, expects the American financial regulator to conclude its investigation into its accounts in the next six weeks.

The Securities & Exchange Commission (SEC) have been looking at Elan’s accounting policies since February, 2002, and are expected to end their inquiry next month and finalise the outcome with Elan later this year.

Chief executive Kelly Martin said the SEC inquiry, which centres on the use of off balance sheet vehicles and how they were treated in Elan’s accounts, and civil lawsuits taken by some shareholders were now the only overhang on the company.