Four Courts, Dublin.

DCC's board says today that it the true import of the High Court and Supreme Court judgments in respect of the Fyffes insider trading case, has not always been accurately reflected in the media. Accordingly, the Directors have decided to issue a statement by way of Stock Exchange announcement, in advance of its publication in the Annual Report.

The board says it respects the judgment of the Supreme Court and acknowledges its financial consequences as embodied in the recent financial settlement with Fyffes.  
 
The statement says that in the introductory paragraph of his Supreme Court judgment Mr. Justice Fennelly wrote: "To trade on the use of inside information is recognised for what it is. It is a fraud on the market. The insider who exploits his access to the special knowledge he enjoys for the purposes of the company in his capacity as executive or director of a company commits a crime". 

The Directors say that of course they agrees with this statement of general principle. The finding of the High Court that the share dealings in February 2000 did not involve the use or exploitation by Jim Flavin of the information in the trading reports was not appealed and was not affected by the Supreme Court decision. The Fyffes case was a civil action and did not involve any allegation or finding of dishonesty, fraud or crime. However, Mr Justice Fennelly's introductory statement of general principle has been inaccurately portrayed by some commentators in a manner which does not fairly reflect the true import of the High Court and Supreme Court judgments in thisparticular case, the statement says.  

Today's statement concludes that is satisfied that the established facts surrounding the sales of Fyffes shares in February 2000 fully support its view that the share sales did not involve any intentional wrongdoing on the part of Jim Flavin and in essence were an unwitting breach of civil law under the now repealed Part V of the Irish Companies Act, 1990. 

Statement