Ireland’s corporate watchdog intends to apply to the Irish High Court to appoint inspectors to investigate Independent News & Media PLC (INM), its largest newspaper group said on Saturday.
The republic’s Office of the Director of Corporate Enforcement (ODCE) in 2016 began an investigation into INM following a clash between the company’s then-chief executive and chairman over the terms of a possible acquisition of Irish radio station Newstalk.
Newstalk’s parent group Communicorp Group is owned by Irish billionaire Denis O’Brien, INM’s largest shareholder with a stake of 29.9 percent.
INM, which owns Ireland’s highest-selling daily and Sunday newspapers, said discussions on the possible acquisition ended at a preliminary stage and it was never considered by the board.
Local media subsequently reported that then-chief executive Robert Pitt made a protected disclosure under whistle-blower legislation about the circumstances surrounding the proposed bid, prompting the ODCE’s investigation.
INM was informed that the ODCE is to make an application to the court on April 16 for the appointment of an investigator, it said, adding that it was taking legal advice as to whether the court has sufficient grounds to do so.
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