INM will not appeal High Court decision on inspection

INDEPENDENT News & Media will not appeal against the High Court’s recent dismissal of its attempts to stop the Office of the Director of Corporate Enforcement sending inspectors its way, a court has heard.

The media giant, which has been under investigation by the ODCE for the past year on suspicion of ‘insider dealing’ and other ‘corporate governance’ concerns, was yesterday landed with the substantial legal costs – potentially up to €200,000 – of its own failed action against the watchdog.

The newspaper group’s case – a rearguard action in response to the ODCE’s case seeking to send in inspectors – ran for two days in the High Court last month.

On June 1, Judge Seamus Noonan decided that although INM’s case had enough ‘merit’ to be ‘arguable’, its arguments ‘cannot be sustained’ in law.

Yesterday, Shane Murphy SC, for INM, told Judge Noonan that INM does not intend to appeal against this decision.

This means the full hearing of the ODCE’s case seeking permission for a physical inspection of INM will go ahead as planned next month before Mr Justice Peter Kelly, the president of the High Court.

That hearing will begin on July 10 and is expected to last three days.

Judge Noonan also made an order yesterday for costs against INM.