Business Irish

Friday 19 January 2018

ODCE set to launch lawsuit against spawn of Minmet

LOUISE McBRIDE

Shareholders in Irish exploration firm Aventine Resources, formerly Minmet, could soon find out what shape the firm's finances are in after the corporate watchdog, the Office of the Director of Corporate Enforcement (ODCE), took a High Court action against the company.

Shareholders have been in the dark over the firm's finances for almost two years as Aventine has not published audited accounts for 2010.

The ODCE last week applied to get court orders to force the company to publish audited accounts for the year ended December 31, 2010, as is required by company law. The ODCE also sought a court order to get Aventine Resources to hold an annual general meeting. Last year, Aventine sought to hold an agm with unaudited accounts, but this was later postponed after the ODCE told the company not to hold the agm until audited accounts were ready.

Attempts to contact Aventine Resources for comment last week were unsuccessful.

The company was set up by ex-Taoiseach Charlie Haughey's son Conor and the late former Aer Lingus chairman Bernie Cahill in the late 1990s.

At one time, the firm had a market value of stg£210m -- but its share price collapsed over four years ago. As reported by the Sunday Independent, its then chairman, Peter Maddocks, resigned in July 2008 after the board came under pressure to explain a complex money chain that involved companies associated with Mr Maddocks and deals with offshore firms.

The latest accounts for Aventine (for the year ended 2009) were published in April 2011. At the time, the then new chairman John Liwosz said he had "a number of serious problems to grasp and try to resolve".

Liwosz and another director, Michael Neville, resigned from Aventine in June 2011. Neville once fronted an unsuccessful bid to buy Aston Villa.

Sunday Indo Business

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business