The corporate inspection concluded with an €868-page report, with €481,000 allocated for legal costs in 2024. This includes payments to investigators addressing claims of impropriety involving Leslie Buckley and Denis O'Brien. Contrary to predictions, the total cost was €5.82 million, significantly lower than the suggested €40 million. The Corporate Enforcement Authority decided against enforcement actions but remains prepared to pursue similar investigations in the future if necessary. The final report emphasized the governance standards expected in such corporate situations.
In the immediate aftermath of the publication of the Inspectors' Report, it was suggested in media commentary that the Inspection might ultimately cost the State in excess of €40m. The actual cost of the Inspection was €5.82m and no additional expenditures or liabilities that might increase that amount in any meaningful way have eventuated since that time.
The CEA took the decision not to bring any enforcement action against any of the people whose actions at the then stock market listed INM had been subject to the inspection.
Should circumstances arise in the future in which the CEA were to take the view that an application to the High Court for the appointment of Inspectors was warranted, the CEA would not hesitate to do so.
The final inspectors report included important lessons on the standards of governance expected.
#corporate-governance #investigation-costs #corporate-enforcement-authority #legal-proceedings #financial-accountability
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