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Focus: Davy under the microscope: all eyes on review by global firm
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London calling - but Davy isn t answering
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Former Davy Group chief executive Tony Garry has resigned as chairman and director of BES Management, a joint venture between Davy and BDO for managing investments under the Employment and Investment Incentive Scheme (EIIS).
He departed the board of the company on March 8, just six days after Davy was fined €4.13m and reprimanded by the Central Bank for a controversial 2014 bond deal in which he participated. His resignation was confirmed by a spokesperson for BES.
The news follows his departure from the board of the Mater Misericordiae University Hospital, which was reported in the
Sunday Independent, and the resignation of his colleague Brian McKiernan from the provost’s council at Trinity College Dublin and the governing council of the Royal Victoria Eye and Ear Hospital in Dublin.
Davy review to look forensically at staff trading Review to assess controls and governance aimed at preventing conflicts of interest
Tue, Mar 16, 2021, 18:50 Updated: Tue, Mar 16, 2021, 19:58
Davy has asked Alvarez & Marsal, an international professional services firm, to look forensically at staff trading over the past seven years as part of a review of matters arising from a Central Bank investigation into a bond trade that has seen the firm spiral into crisis over the past two weeks.
The work will be led by Paul Sharma, managing director with Alvarez & Marsal Financial Services in London and head of the regulatory practice, and will be conducted by a London-based team. Alvarez & Marsal has had no known prior connection with Davy, the firm said on Tuesday evening.
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