The biggest ever insider dealing case in Irish history, which Fyffes has brought against DCC and James Flavin, has been adjourned until January 11.
The fresh produce giant started proceedings against the diversified industrial group DCC, S&L investments, James Flavin and Lotus Green earlier in December, in relation to the sale, in February 2000, of 31,169,493 ordinary shares in Fyffes valued at up €106 million.
The allegation is that the defendants were in possession of price sensitive information at the time of the share sales, and therefore breached “insider dealing” provisions of Ireland’s Companies Acts.
The defendants deny the claims and plead the shares were owned by Lotus Green which dealt legitimately in the shares in February 2000.
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