Anglo probe has ‘months to run’

THE high-level investigation into dealings at Anglo Irish Bank prior to its nationalisation last year is likely to continue for several months before reaching a conclusion, a Dáil Committee heard yesterday.

Addressing the Joint Oireachtas Committee on Enterprise, Trade and Employment, Director of Corporate Enforcement Paul Appleby admitted that while he was reluctant to put a timeframe on investigations, the probe, which is being carried out by the Office of the director of corporate enforcement (ODCE) and the gardaí – has longer to run.

“We don’t know how many months, precisely, but there are several more months worth of work to complete,” Mr Appleby said.

Mr Appleby said the Anglo investigation is “the biggest and most complex” probe undertaken by his office.

However, when asked to compare it to other high profile investigations, he said it was his hope that it wouldn’t rival the six-year investigation into overcharging and mismanagement at National Irish Bank at the end of the 1990s and that his office could deliver findings to the Director of Public Prosecutions (DPP) well before that kind of duration elapses.

On another positive note, he said that further extra powers/resources would not be needed at present, adding that the Gardaí say that the matter is “progressing well” and at a faster rate than similar investigations.

Around a third of the ODCE staff numbers are working solely on the Anglo case.

Meanwhile, when asked whether yesterday’s ruling clearing DCC of any wrongdoing in the selling of its Fyffes shareholding would negatively affect other investigations, Mr Appleby said: “Any decision that’s been made has been made on the facts,” adding that a High Court investigation is “the most powerful investigative tool under the Companies Act”.

In a wide-reaching address, Mr Appleby also called for more stringent powers to punish directors of insolvent/’phoenix’ companies and said he wants to extend his office’s impact over time, particularly in relation to SMEs and not-for-profit organisations. He also supported the introduction of whistleblower legislation – something called for by Central Bank head Patrick Honohan.