QC employed by DETI to goafter ex-PMS Directors

She said an order for costs was made in favour of her Department and the ex-Directors would end up paying costs. Traditional Unionist Voice (TUV) MLA Jim Allister asked the Minister why her DETINI instructed a QC to pursue the society, which was placed in administration in 2008, leaving thousands of Presbyterians - including many from Londonderry - in doubt over the security of their savings.

Ultimately, savers with less than £20k invested in the savings union, were promised full compensation by the Chancellor George Osborne.

Responding to Mr Allister’s query, Mrs Foster stated: “The Department engaged Counsel both from England and Northern Ireland. Treasury Counsel was briefed on the advice of the Departmental Solicitor’s Office (DSO).

“All six respondents in this matter have given formal undertakings not to act as a director etc. for an agreed period. An Order for costs was made in favour of the Department. At this stage it is too early to quantify the costs. A bill of costs will be prepared by DSO in due course and furnished to the Respondents’ solicitors for agreement and payment.”

A Northern Ireland Ombudsman report found “maladministration in DETI’s examination of the PMS’s Annual Return and that the ‘very limited administrative check’ was ‘wholly inadequate.’” On May 10, 2013 the High Court agreed to extend the PMS’s period of administration to November 16, 2013 to enable the administrator to finalise all outstanding matters.