Appeal against refusal to disqualify ex-director withdrawn

The Director of Corporate Enforcement has withdrawn his appeal against the High Court’s refusal to make a disqualification order against a former senior manager with National Irish Bank.

Dermott Boner, Chesterfield Avenue, Castleknock, Dublin, was the bank’s chief manager of retail during the early to mid-1990s.

He was among several former NIB managers against whom disqualification orders were sought arising from the inquiry into the 1990s tax evasion scandal in the bank.

In 2008, Mr Justice Roderick Murphy ruled Mr Boner’s conduct did not justify the court making an order to disqualify him under Section 160 of the Companies Act from involvement in the affairs of any company.

It seemed, “on balance”, Mr Boner had attempted to address problems within the bank such as the improper charging of fees, the judge ruled.

When the director’s appeal against that ruling was mentioned at the Supreme Court yesterday, John McCarroll, for the director, told Ms Justice Susan Denham, the matter had settled following talks between the sides.

He said the appeal was to be withdrawn and the costs orders made in the High Court were to be vacated.

The director had initiated disqualification proceedings against Mr Boner and others within NIB arising from the report of the inspectors who investigated the affairs of NIB and NIB Financial Services between 1988 and 1998. The inspectors concluded the bank was involved in widespread tax evasion and imposed unwarranted fees and interest charges on customers.

They also concluded that certain senior management figures failed to deal decisively with bogus non-resident accounts, the improper charging of interest and CMI policies.

In 2011, former NIB chief executive Jim Lacey was disqualified from involvement in the management of any company for nine years on grounds of unfitness arising from his conduct as chief executive and director of NIB between 1988 and 1994.