The report by Bill Shipsey, High Court appointed Inspector who investigated the affairs of DCC plc, S&L Investments Limited and Lotus Green Limited, was published today. Bill Shipsey was appointed in 2008 to investigate suspected wrong-doing in the three companies following the 2007 Supreme Court finding of unlawful insider dealing by DCC and Mr Flavin in the Fyffes share sale.
The Director of Corporate Enforcement, Paul Appleby, has stated that he does not intend to take any proceedings on foot of the report. The Inspectors' Report is available on the ODCE website.
The Inspector reached the following conclusions regarding the three companies:
- The companies (DCC plc, S&L Investments Limited and Lotus Green Limited) took their corporate responsibilities very seriously;
- The directors, officers and employees, from the then Chief Executive down, placed a high value on legal and regulatory compliance;
- The companies had good and effective corporate governance procedures and controls at board level;
- The officers and executive directors of the companies were qualified, competent and careful individuals;
- DCC attracted and retained highly experienced and quality non-executive directors; and
- The companies took legal advice when it was appropriate to do so and followed such advice when it was proffered.