Corporate enforcement chief to send further Anglo files to DPP

The Director of Corporate Enforcement, Paul Appleby, is to send further files on Anglo Irish Bank to the Director of Public Prosecutions within weeks.

According to the agency’s end-of-year statement, the Office of Director of Corporate Enforcement sent two substantive files on Anglo to the DPP during the year. In addition, it submitted three supplementary files before Christmas.

It is now focusing on “two remaining strands” of the investigation, and will submit files to the DPP within weeks.

The office will provide the High Court with a detailed progress report on its investigations in late January. The pace of the investigations into Anglo, which have been ongoing for three years, has been widely criticised.

In a review of the year, the Office of the Director of Corporate Enforcement said it had received 1,960 new reports and complaints last year, slightly lower than the 1,993 received in 2010.

The vast majority of the reports were liquidator reports on insolvent companies, which are required to be submitted to the office by law.

The agency also received 422 complaints alleging company misconduct, and 179 auditor reports on suspected breaches of company law.

The office, which was established just over 10 years ago, is charged with enforcing corporate law. Last year, the office significantly increased the number of director disqualifications enforced by the agency.

Investigations by the office led to the High Court imposing 20 disqualifications and two restrictions on directors.

In addition, the office helped to secure convictions on 20 charges against five defendants for criminal breaches of the Companies Act. This compares to one disqualification and eight convictions achieved in 2010.

At the end of 2011, the office had initiated another five criminal and civil enforcement cases.

Overall the ODCE currently has some 15 cases before the courts.

The agency employed 49 people last year, including 10 seconded gardaí. Overall expenditure was €3.35 million, a 9 per cent reduction on 2010.