Resumption of Blayney inquiry likely soon

The Blayney inquiry into possible professional misconduct by members of the Institute of Chartered Accountants in Ireland (ICAI) is likely to resume its hearings in two to three weeks following yesterday's decision in the High Court.

The Oliver Freaney group, which initiated the court proceedings, will now resume co-operation with the inquiry.

A report from the three-member investigating committee, which is chaired by retired Supreme Court judge Mr John Blayney SC, is likely to be completed by the summer. However, if there is an appeal against the committee's findings, the matter will have to be re-heard. The hearings are taking place in private but the committee's report will be published.

The committee was established in October 1997 in the wake of the McCracken report. ICAI members mentioned in the report include: the former Taoiseach, Mr Charles Haughey; Dunnes Stores trustee Mr Noel Fox; and the Dublin accountancy firm Oliver Freaney, which acted for Dunnes and for Streamline, the company owned by Mr Michael Lowry.

Mr Haughey, however, is an honorary member of the institute and it is understood the committee of inquiry had decided he does not come within the committee's brief.

There was no comment last night from the ICAI, other than to announce what had transpired yesterday in court and to say the inquiry "will resume in due course". A similar short statement was issued by Oliver Freaney. The striking out of the case is likely to be welcomed by the institute. Mr Justice Blayney's committee colleagues are Mr Brian Duncan and Mr Paddy Shortall.