On the subject of company compliance, a case ongoing in the British courts puts elements of governance into stark relief.

When Alliance Resources was looking for a London listing, former chief executive John O'Brien, a Corkman, allegedly got his secretary Christine Allen to lie and to put together a bogus letter with scissors, Sellotape and a photocopier to affirm the company had a lease to drill at a particular site in the US. In fact, the lease had terminated, according to the prosecution.

That did not prevent the collective talents of Alliance's advisers and lawyers accepting the patchwork letter as official for the purposes of meeting the listing particulars of the London Stock Exchange.

The €11 million flotation was a success on the back of claims of gas reserves which one witness has since told the court would not be sufficient to fill a cigarette lighter. So much for the rigours of the regulatory framework.