Elan chairman denies impropriety claims

The chairman of the troubled Elan corporation has insisted that no impropriety has occurred within the operations of the company.

Dr Garo Armen was responding to questions from angry shareholders at the Elan AGM in Dublin today.

The Athlone-based firm is currently under investigation by the US Securities and Exchange Commission and has seen its value fall from $22bn to $800m over the past 18 months.