DCC chief executive Jim Flavin asked a stockbroker not to speak to Fyffes about a possible sale of his companies stake in the banana giant, Dublin High Court heard this week.
The conversation, which was played to the court, took place on February 3rd, 2000, the date of the first of three sales of Fyffes shares for a total price of €106 million.
The case, alleging insider trading, has been brought against DCC and its chief executive by Fyffes, who claimed DCC had sensitive information at the time of the share sales.
A further recording revealed that when the stockbroker, Ronan Godfrey, suggested speaking to Fyffes, Flavin told him not too.
The court heard that Godfrey said: "Jim, I'm going to ring Carl (McCann was the deputy chairman of Fyffes) as well to say that we're going to try and do something."
Flavin replied: "Ah no, no, no please please no. I've to deal with Neil (McCann, then chairman of Fyffes), you've no instructions from us to talk to Carl or the company whatsoever. This is a private transaction between Davy's and DCC. I'm astounded at what you are saying."
Godfrey: "That what? That I shouldn't talk to Fyffes, who are also our clients?"
Flavin: "Absolutely, absolutely, I mean you've no authority to talk to them in relation to any transaction that DCC is contemplating, none whatsoever, Ronan, I'm astounded."
The case continues.
