Only one offender ever jailed for Companies Act breaches
THE Director of Corporate Enforcement has said he was "heartened" when the first prison sentence for company law offences was handed down last year.
The case is understood to be that of Kenneth Shanny, sentenced to three years for offences under the Companies Act 1990 -- including furnishing false evidence to the Companies Office and under rules over who can sign off on company accounts.
It is the only case of a person being jailed for such offences since the Office of the Director of Corporate Enforcement (ODCE) was set up 10 years ago.
"In any previous case, imprisonment was set aside on appeal or suspended. This was the first time a sentence was served," director Paul Appleby said.
He was speaking the announcement of the ODCE annual report in Dublin yesterday.
Last year, nine company directors were struck off and there were another 119 restrictions imposed on directors following the collapse of businesses into insolvency.