DCC chairman ‘should stay on’

DCC has again expressed its confidence that executive chairman Jim Flavin should remain in his post following last week’s Supreme Court ruling that he and the company had engaged in unlawful trading in Fyffes’ shares.

In a statement DCC said the Supreme Court agreed with the High Court’s judgment that DCC did not use the poor trading performance of Fyffes as a pretext for the decision to sell off the shares.

DCC said the Supreme Court affirmed the High Court’s view that the sale was motivated by the opportunity to exit Fyffes in February 2000 with a “substantial profit because of the increase of the share price on the back” the interest in Fyffes’ internet venture worldoffruit.com.