ICG accused of failing to give proper access

ONE51 Capital and the Doyle Group have become involved in a major row over access to key financial documents belong to Irish Continental Group (ICG).

It has accused ICG of refusing to give it proper access to the company’s books.

The two, who are considering a bid for ICG, said the due diligence, begun on April 13 “has been severely hampered” since the process got underway, because of the group’s failure to provide them with management accounts that are available within the company.

In its statement the consortium said ICG has failed to date to provide “sufficiently detailed information, particularly financial information, which is essential to completing its due diligence process”.

Last night a spokesman for ICG hit back and that the matters involved were of a sensitive nature and would be handled in a way “that protected the interests of all shareholders”.

Responding to the criticism ICG said: “Since 13 April 2007, significant and appropriate levels of confidential information and assistance have been provided to the consortium and will continue to be provided.”

However it is understood that serious disquiet has arisen within the consortium over this lack of access to crucial information two weeks after the due diligence process began.