Ryanair today sought permission to file a case against IFSRA (The Irish Financial Services Regulatory Authority) for its failure to launch any investigation of what Ryanair believes was the blatant abuse by Aer Lingus of Irish Stock Exchange listing rules by the company to one large shareholder in the run up to the closure of Aer Lingus’s Shannon base.
Ryanair’s case rests upon the published report of the Secretary General of the Department of Transport Ms Julie O’Neill during the period from June 13, 2007 up to August 3. The report confirms that a series of officials in both the Department of Transport and the Department of the Taoiseach were briefed by Aer Lingus in June and July last on their plans to close the Shannon base and transfer these slots to Belfast.
Speaking today, a Ryanair Spokesman said: "There can be little doubt that this was both market sensitive and price sensitive information. There can also be no doubt that these secret advance briefings to one large Aer Lingus shareholder (while all other shareholders were kept in the dark) was an abuse by Aer Lingus of Stock Exchange rules".