Director of Corporate Enforcement wants DCC inspection

The Director of Corporate Enforcement is to ask the High Court to appoint inspectors to look into the affairs of DCC and two of its subsidiaries, it has emerged.

The news follows yesterday's resignation of the founder of one of the biggest companies on the Irish stock market following a Supreme Court ruling that he engaged in illegal insider trading.

Jim Flavin has been under intense pressure to quit as executive chairman of DCC ever since the court ruled that he had inside information about Fyffes when the company sold its stake in the fruit and vegetable firm in 2000.

The pressure increased last week when the Irish Association of Investment Managers said it would not be appropriate for Mr Flavin to remain in his job.