Court date set for DCC insider dealing compensation hearing

A HEARING to decide what compensation must be paid by DCC plc to fruit distributor Fyffes and institutional investors over insider dealing by DCC chief executive Jim Flavin in the sale of the DCC stake in Fyffes in early 2000 has been fixed by the High Court for June 17 next.

The compensation hearing is expected to be the final stage in the legal battle between DCC and Fyffes, which resulted in a Supreme Court decision last July that Mr Flavin engaged in insider dealing when he sold the DCC stake in Fyffes on three dates in February 2000.

The Director of Corporate Enforcement may also ask the High Court to consider making disqualification orders arising from the case. This was indicated to the Supreme Court late last year when that court was making final orders arising from its judgment on the case, the first major insider dealing case here.