DCC and Fyffes agree on charges

AN AGREEMENT has been reached between DCC and Fyffes on how to calculate the amount that may have to be paid out in their long-running insider dealing case.

After the Supreme Court ruled in July last year that DCC and its chief executive Jim Flavin had illegally engaged in insider dealing in Fyffes shares, DCC booked an exceptional charge of €50 million in its accounts for the six months to the end of September 2007. DCC estimated that this was would cover both the legal bills for the case and the share of the profits it made when it sold its 10% stake.

DCC had made a total profit on the sale of its 10% stake in Fyffes in February 2000 of nearly €86m. In addition, it is estimated that the legal costs are running at about €25m.