Business Irish

Saturday 24 June 2017

Key comments on the case

Mr Justice Nial Fennelly

"It used not to be considered any sort of sin to profit financially from the use of secret, private or privileged information. That was how fortunes were made. Now things are different. To trade on the use of inside information is recognised for what it is. It is a fraud on the market.

"The insider who exploits his access to the special knowledge he enjoys for the purposes of the company in his capacity as executive or director of a company commits a crime. He may be made, additionally, to answer for the profits he has made."

Inspector's Report

"What I was discovered was in fact quite simple -- a costly error in the judgment and appreciation by the founder and then chief executive of DCC. The actions of Jim Flavin were not undertaken recklessly or with an absence of care.

"... The message from this report is that the actions and behaviour of DCC, S &L and Lotus Green between 1995 and 2000 ... measured up to the standards required by law notwithstanding Mr Flavin's error of judgment."

Irish Independent

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