RC Business

Royal Dutch Shell plc posted  62% fall in its net profit for the first quarter as falling prices and weak demand has affected operations.

Net profit for the three months ended March ‘09 was $3.5 bn down from $9 bn for the previous quarter.

Accounting, Business

The Office of the Director of Corporate Enforcement has recently been in the news due to the fact that while working with the fraud squad they are searching and removing files from the hq of Anglo Irish Bank. This is the first time that the O.D.C.E. sought permission from the courts to search the premises of a financial institution under investigation for possible breaches of company law.

The aims of the O.D.C.E. is to improve the compliance environment for corporate activity in the Irish economy. It has the power to investigate breaches of Company law,and to bring to account those who are in breach of the law.(to ensure that Companies and those who run them act within Company Law)

Some of the issues investigated during 2008 include

• the purchase and sale of shares in one plc(DCC) by another plc(Fyffes)

• the publication of a 200 page Company Law handbook on property

management companies to help improve their governance

• ultra vires investigations of company directors.

The team working in the O.D.C.E. is made up mainly of accountants,lawyers and gardai.

Accounting, Business