ODCE boss: ‘Long-running Anglo probes are a success’

Director of corporate enforcement Ian Drennan has hailed as a success his office’s long-running investigation into business practices at the former Anglo Irish Bank.

He is heavily constrained by what he can say regarding the issue with another two Anglo-related court cases pending and the formal sentencing of the bank’s former directors, Pat Whelan and Willie McAteer, not due for another two months.

Mr Drennan said yesterday that while sentencing and convictions are the preserve of a judge and jury, the fact that evidence was brought by the Office of the Director of Corporate Enforcement and the recent cases didn’t collapse reflects well on the criminal justice system and should be deemed a success by the organisation.

Mr Drennan — who succeeded Paul Appleby as the ODCE head in late 2012 — said his office will remain involved with some form of Anglo-related investigations for some time to come.

With the conclusion of the recent high-profile Anglo trial, which Mr Drennan said was “enormously resource intensive” for the ODCE, the office’s related focus has now switched to the remaining strands of investigation that have resulted in files being submitted to the DPP.

“Our highest priority, in that regard now is to support the Office of the DPP in its prosecution of alleged breaches of Section 197 of the Companies Act 1990, in respect of which a trial date has been set,” said Mr Drennan

“Supporting a prosecution on indictment, including assisting the prosecution in meeting its disclosure and other obligations, is a major undertaking and, consequently, we can reasonably anticipate being involved in these matters for some considerable time to come — with consequential implications for our other workstreams,” he added.

Mr Drennan was talking at the publication of the ODCE’s 2013 annual report.

The report showed that the body secured 17 criminal convictions in the district courts (together with two associated disqualification orders), restricted 219 company directors on foot of liquidators applications to the High Court, and secured rectification of directors’ loans, worth a combined €62m.

Mr Drennan said that it is too early to know if a 15% drop in the number of insolvent firms going into liquidation last year is an emerging downward trend or a one-off occurrence.