The Serious Fraud Office in London is to seek the extradition of Mr Noel Whelan, a former director of one of Powerscreen International's English subsidiaries, from the Republic to stand trial in Britain.
The fraud office has indicated that it plans to seek the extradition of Mr Whelan from the Republic in connection with a case it is currently taking against three former directors of Powerscreen International.
No formal application has been made to begin the extradition proceedings but it is understood that the fraud office is likely to file the application by October.
The fraud office case against Mr Shay McKeown, former chief executive of Powerscreen, and two fellow directors, Mr Barry Cosgrove, former finance director, and director Mr Edward Holmes, relates to accounting irregularities at Matbro, Powerscreen's English subsidiary.
The fraud office launched an investigation in the Tyrone company after a £47 million sterling (#77 million) black hole emerged in its Gloucestershire-based subsidiary's accounts.
Management at Powerscreen had been forced to admit there were problems at the subsidiary in January 1998, which was barely two months after it had raised £18 million from a new share issue.
It is understood that the fraud office intends to call Mr Whelan as the fourth defendant in the case, which is to be heard at Bristol Crown Court. It outlined its intentions at a preliminary hearing earlier this week which was adjourned until October.
Mr Whelan, a member of the Institute of Chartered Accountants in Ireland (ICAI), was a former director of Matbro.
The ICAI also carried out its own investigation into the activities of auditors KPMG and two former members of the Powerscreen board following the disclosure of the irregularities at Matbro.
Neither the results of the investigation nor details of the individuals involved have been disclosed by the Institute.
In a separate move earlier this year, Mr Whelan was summoned to what was scheduled to be a public disciplinary meeting by the ICAI.
The hearing, however, was heard in private after Mr Whelan's legal representatives cited reasons that he "could not allude to in public".
The ICAI has said it cannot comment on the disciplinary case.
