Michael Ahern (Cork East, Fianna Fail)

This amendment seeks to make it possible for the offences dealt with in section 22 of the Companies (Amendment) Act 1986 to be prosecuted on indictment. It is considered that such an option should be available in more serious instances where, for example, a company fails to follow fundamental accounting principles under section 5 of the Act, or where, having opted not to follow such principles, the company fails to publicly draw attention to that decision, the reasons for it and the financial consequences thereof under section 6 of the Act. The option of dealing with such offences summarily will remain.