ODCE: Decision on Anglo ‘a long time off’
In his end of year statement, published last night, the Director of Corporate Enforcement, Paul Appleby, said that “substantial progress” had been made in 2010 on the Anglo investigation and that the issue absorbed more of the office’s resources than any other matter.
“By the end of the year, we had sent a large amount of documentation to the DPP on four aspects of our investigations.
“Further material is being prepared and will be submitted to the DPP shortly,” said Mr Appleby.
However, he added: “Given the volume of documents involved, it will likely be some time before the DPP will be in a position to determine the extent to which any charges will be preferred arising from these investigations.”
The four aspects of the Anglo issue already passed to the DPP involve loans made to directors, the non-disclosure of certain directors’ loans in Anglo’s financial statements over a number of years, the provision by Anglo to numerous people of financial assistance for the purchase of its shares, and the communication of possible false or misleading information in certain Anglo public statements in 2008.
While the Anglo case was the ODCE’s main priority last year, the total number of issues concluded by it rose from 1,446 to 2,400 on a year-on-year basis. The vast majority of the office’s decisions, in 2010, didn’t lead to enforcement action through the courts.
“Where an issue of non-compliance was identified, we often successfully secured the correction of the defaults voluntarily or, on occasion, through the use of statutory powers,” added Mr Appleby.
Mainly because of that, the ODCE’s expenditure levels fell from €5.8 million to €3.7m last year.
A more detailed annual report for 2010 is due to be published in May.
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