ISE concedes Morrogh ‘flaw’

THE Irish Stock Exchange (ISE) has conceded that the liquidation of stockbrokers W&R Morrogh has exposed major weaknesses in Irish law, leading to an unsatisfactory process of winding up the firm.

The views of ISE chairman David Kingston, come in the wake of an open letter by the Morrogh Investment Action Group (MIAG) to Minister for Finance Charlie McCreevy, Central Bank Governor John Hurley, and Mr Kingston.

The Morrogh investors said they had been treated like abject mendicants since W&R Morrogh, formerly of 74 South Mall, Cork, went into liquidation with a shortfall of over 10m in April 27, 2001, ending an unbroken Morrogh family business dating back to 1887.