Application by DCE to the Iri
27 May 2008
APPLICATION BY DIRECTOR OF CORPORATE ENFORCEMENT TO THE IRISH HIGH COURT
DCC plc has been informed by the Irish Director of Corporate Enforcement ('DCE') that he intends to make an application to the Irish High Court for:
1. An Order pursuant to Section 8(1) of the Irish Companies Act, 1990 and Order 75B, Rule 3(b) of the Rules of the Superior Courts 1986 appointing Inspectors for the purpose of investigating the affairs of DCC plc, S & L Investments Ltd and Lotus Green Limited ('the three Companies').
2. If appointed, giving directions to the said Inspectors to investigate and report on the affairs of the three Companies as the Court shall deem fit, and in particular:
(i) to examine and define the transactions which were related to the acquisition, maintenance, transfer and disposal of the beneficial and legal interests of the three Companies in Fyffes plc between February 1995 and April 2000 with particular reference to the periods between:
(a) early February 1995 and end September 1995 and
(b) early November 1999 to end April 2000;
(ii) to examine whether Parts IV and V and any related provisions of the Companies Act, 1990 were breached by the three Companies, their officers (including shadow directors), managers, employees, servants and agents at the relevant times and if so, to identify the circumstances in question, the provisions involved, the persons in default and all of the associated evidence in each case; and
(iii) to examine any related matters with the prior approval of the Court given on consideration of an interim report from the Inspectors.
3. Such further directions as may be necessary or appropriate in particular an order directing that the Inspectors shall provide the Court with an interim report within six months of their appointment and at intervals of six months thereafter, without prejudice to the right of the Inspectors to make a report to the Court at any time seeking such directions as they see fit.
The High Court has set a date of 9 June 2008 for the hearing of the application.
The Board of DCC is taking legal advice in relation to the DCE's application and is not in a position to make any further comment at this time.
For reference:
Jim Milton
Murray Consultants
Tel: +353 1 4980300
+353 86 2558400
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