1997 Insider Dealing Annual Report Published

Mr. Noel Treacy T.D., Minister for Science, Technology and Commerce announced today (Friday, 3rd July, 1998) that the 1997 Insider Dealing Annual Report which was submitted to him by the Irish Stock Exchange, pursuant to Section 120 of the Companies Act, 1990 was laid before the Houses of the Oireachtas.

The Report states that: (a) Three written complaints were received in relation to alleged breaches of Part V, of the Companies Act, 1990. (b) The three complaints referred to above were dealt with as follows:

1. A report was made to the Director of Public Prosecutions, in respect of a suspected breach of Part V, of the Act.
2. A report was made to the DPP following an investigation of insider dealing complaints and other matters. A Part V, report was not considered appropriate, but a report was made outside Part V which drew the attention of the DPP to other suspected offences.
3. No follow-up action was required on foot of the third complaint.

( c) Authorised persons exercised statutory powers in relation to two investigations into possible breaches of Part V of the Act. In both cases, the Chief Executive of the Irish Stock Exchange decided that a report to the Director of Public Prosecutions was not required. Three further investigations were still ongoing at the end of 1997.