Enforcement authority's costly INM probe leaves unanswered questions
Corporate Enforcement Authority (CEA)
, is facing an onslaught of criticism from businessman
Denis O'Brien
and his ally
Leslie Buckley
over the Independent News & Media (INM) saga.
O'Brien was formerly INM's main shareholder and Buckley represented his interests as chairman. On Thursday, Drennan said no enforcement action will be taken on foot of a High Court report on INM one year ago.
Inspectors found a major data breach in INM, now Mediahuis Ireland, did not violate company law. Enforcement action was never going to follow that. But the CEA waited 12 months to say it. Although the inspection cost the State €5.82 million, O'Brien and Buckley said all-party costs came to €40 million. These are enormous sums.
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Leslie Buckley questions way that corporate enforcer investigated INM saga
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Drennan ran the CEA's predecessor – the Office of the Director of Corporate Enforcement (ODCE) – when it went to the High Court in 2018 seeking an inspection. At issue was alarming evidence of a covert 'data interrogation' on emails relating to 19 people within and outside INM, some of whom had come into conflict with O'Brien. An avalanche of litigation followed.
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But for all the disquiet and concern, court inspectors said it would not be appropriate to 'speculate' on how the 19 names were included. That left the biggest question of all dangling. The INM-19, as the victims became known, are no closer to finding out why they were pulled into the web than at the outset. This remains the most disturbing aspect of the affair.
Now the backlash against Drennan has begun. O'Brien has attacked him, as has Buckley. They separately say his original investigation was severely flawed because all parties – themselves included – were not interviewed before he went to court. 'Mr Drennan's conduct showed little respect for due process, proper procedures or basic objectivity,' said O'Brien, questioning his suitability for the CEA role.
The CEA chief bet the ranch on this investigation. Now he has quietly closed the file. Does Minister for Enterprise Peter Burke have confidence in Drennan? 'Yes,' said Burke's department. But this has been a costly business for all concerned.
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