herald

Wednesday 16 January 2019

Ex-NIB boss Lacey given a 9-year ban

THE High Court has disqualified former National Irish Bank (NIB) boss Jim Lacey from involvement in the management of any company for nine years.

The Director of Corporate Enforcement sought a disqualification order against Mr Lacey (right) under Section 160 of the Companies Act arising out of his conduct as ceo and director of NIB between 1988 and 1994.

In a judgment last April, Mr Justice Roderick Murphy found various breaches of duties by Mr Lacey during that time were "grossly negligent".

Mr Lacey's conduct fell below the required standard and "constituted a fundamental failure of governance", the judge said.

Mr Lacey, Pine Haven, Grove House Gardens, Blackrock, Co Dublin, should be disqualified on grounds of unfitness, the judge ruled.

The question of penalty was adjourned until yesterday when the judge said that the "appropriate period of disqualification was nine years".

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