This article is from page 81 of the 2008-07-15 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 81 JPG
A BID to make the financial services regulator, IFSRA, investigate if Aer Lingus was in breach of EU market- ing regulations in the way they broke the news about the pull-out on the Shannon-Heathrow slot has failed.
Maverick airline boss, Michael O’Leary and Ryanair had applied to the High Court to have IFSRA inves- tigate how the rival airline broke the news to the Government of the pull- out.
But Mr Justice Peter Kelly ruled that the Irish Financial Services Regula- tory Authority has a wide discretion in the matter of what investigations it oF Neato melele
Mr Justice Kelly also ruled that IF- SRA is not obliged to say what it is investigating or to make public the results of any investigation.
He noted the regulations which in- clude an option to “private caution” a body for market abuse.
Ryanair – which holds a 29 per cent stake in Aer Lingus – claimed that if
Aer Lingus had informed one share- holder before another shareholder and the public, then it had breached an EU market abuse directive and regulations relating to insider deal- ing and market manipulation.
Aer Lingus publicly announced its decision to pull the route on August 7, 2007.
Ryanair cliamed that Aer Lingus chief, Dermot Mannion told RTE on August 12 that the Minister for Transport had been informed of the decision on August 3.
Ryanair initiated the judicial re- view proceedings to try to compel an investigation in January 2008.
In his reserved judgment, Mr Jus- tice Kelly found against Ryanair. The judge found IFSRA had no legal duty to advise Ryanair whether it intends to investigate the complaint or has actually investigated the complaint.
The judge said it was “remarkable” that Ryanair’s statement specified no breach of the market abuse regula- tions or act or of any other duties of of IFSRA.