The Office of the Director of Corporate Enforcement published its annual report yesterday. Here’s a little gem hidden away under the heading ‘Investigations Completed in 2006’
Previous ODCE Annual Reports dealt with certain historic problems with respect to AIB Investment Managers Ltd. which caused the Director to examine certain books and documents of the company.
Following consideration of the results of a detailed investigation of the same events by the Financial Regulator and the reported tax settlements in 2006 by a number of the beneficiaries involved, the Director determined that no further action was warranted by him under the Companies Acts.
Because of the secretive language used it’s difficult to be sure but I think this relates to the Allied Irish Banks foreign exchange overcharging and the infamous Faldor scam that benefited a number of AIB executives.
The so called Irish Financial Regulator concluded that the executives didn’t actually know they were part of the scam and therefore had no case to answer. Revenue did a confidential deal on taxes owed and left it at that and now the ODCE has ‘determined’ that no further action is necessary under the Companies Acts.
Ah yes, all nicely wrapped up and not a policeman in sight. Next please…
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