The directors of the FAI could face up to ten years in jail or a fine of €500,000 if they are found guilty of breaching company law.
Deloitte, the FAI’s auditors, made a submission to the Companies Registration Office (CRO) yesterday saying that the association was not keeping adequate accounting records. The Companies Act allows for directors to be held personally liable for breaches of company law.
Niamh Brennan, director of the University College Dublin centre for corporate governance, said Deloitte’s move was “rare” and serious. “Normally issues of adequate accounting records come up when a company has gone into liquidation and the liquidator finds things are in a mess. In terms of seriousness, as far as a director is concerned it does not get