'Golden circle' names could remain secret
Paul Appleby, director at the Office of the Director of Corporate Enforcement, is mindful of prejudicing criminal proceedings
THE State's corporate enforcer may be unable to provide the names of the 'golden circle' of investors to the Government for fear of prejudicing criminal proceedings.
The Office of the Director of Corporate Enforcement (ODCE) is currently carrying out an investigation into all aspects of Anglo Irish Bank's operat- ions which have potentially breached company law.
This includes the 10 investors in the so-called 'golden circle' who were loaned up to €300m by the bank in an effort to shore up its declining share price.
But it is understood that the ODCE needs to ensure that it protects the confidentiality of the investigation, which means that it may not be able to share their names with the Government.
It is mindful of the risk of prejudicing any potential civil or criminal proceedings against the investors, despite demands from the Green Party and the opposition parties for them to be named.
Back in 2000, the late Judge Kevin Haugh threw out a case against former Taoiseach Charlie Haughey, who was charged with obstructing the McCracken tribunal, after then Enterprise and Employment Minister Mary Harney said he should be jailed.
A spokesman for the ODCE said its investigation into Anglo Irish Bank was continuing.
"The investigation is to establish if there are any breaches of the Companies Act and there are no particular limits to that investigation," he said.
The ODCE has confirmed that "all options" will be considered after it delivers a preliminary finding in its Anglo Irish Bank investigation by the end of next month. These include referring the case to the Director of Public Prosecutions or the Garda Bureau of Fraud Investigation; appointing a High Court Inspector into Anglo Irish Bank; or making an application to disqualify its directors. The ODCE was established in 2001 to enforce the rules laid down in the Companies Acts against both companies and company officers. Its 45 staff include eight gardai, many of whom have previous experience in the Garda Fraud Squad. It is completely independent in its functions. But it is obliged to write to its sponsoring department, Enterprise, Trade and Employment, with general updates on its investigations if they could potentially affect the work of Government.
- Michael Brennan Political Correspondent
