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‘No breaches of company law at INM’

A report by High Court inspectors on Independent News and Media (INM) has found that there were no breaches of company law in the conduct of its affairs.

The inspectors, Sean Gillane SC and Richard Fleck CBE, were appointed in 2018 to examine issues linked to an alleged data breach and other governance issues at the media group.

The Corporate Enforcement Authority (CEA), formerly the Office of the Director of Corporate Enforcement, published the report today (31 July).

In a statement, it said that it would examine the report’s findings in detail.

Inside information

The report concluded that, while technical breaches of the Data Protection Acts by INM were established, and inside information was disclosed to INM’s largest shareholder at the time, Denis O’Brien, by then-chair Leslie Buckley, these issues did not amount to a breach of the provisions of the Companies Act 2014.

The inspectors said that Buckley’s disclosure of confidential information to O’Brien after August 2016 “was not in compliance with the INM’s policies”.

They found that nine communications between Buckley and O’Brien, linked to a protected disclosure made by then-INM chief executive Robert Pitt, contained inside information.

The inspectors concluded that “the information was not disclosed by Mr Buckley for an improper purpose and, further, that the information disclosed was not misused by Mr O’Brien”.

The report also looked at the sale of INM’s shareholding in APN, and discussions about a proposed acquisition by INM of the radio station Newstalk.

Leslie Buckley and Denis O’Brien have welcomed the publication of the report, and the finding that INM’s affairs were not being conducted in breach of the law.

INM was acquired by Mediahuis in 2019.