Conor Haughey, Only director who drew significant salary
The Moriarty Tribunal has heard that a mining company was set up to give Charles Haughey's son, Conor Haughey, a job after he graduated from college in the United States. The company, Feltrim Mining. proved a disastrous venture and recorded losses of over one million pounds in its first year of trading. The chairman of Aer Lingus and the Greencore food group Bernie Cahill, who was Chairman of Feltrim in the late 80s and early 90s, has begun giving evidence to the tribunal.
Bernie Cahill told the tribunal he became Chairman of Feltrim Mining after Charles Haughey rang him up in 1988 and asked him to. The company was set up by the then Taoiseach's son, Conor, who had qualified as a geologist. Conor got the start up funds from his father. However, despite substantial and undocumented loans from close associates of Charles Haughey, such as Dermot Desmond, Conor's company lost money every year.
By 1993, Feltrim Mining had a deficit of £3,5m. Throughout this time, Conor Haughey was the only director to draw a salary of £20-£25,000 a year. The Tribunal has been trying to find out why high profile businessmen were prepared to invest in a company that was clearly in dire straits when they had little or no prospect of getting their money back.
The tribunal is trying to establish whether Feltrim Mining, like Celtic helicopters, another company owned by a son of Charles Haughey, was in fact a vehicle for channelling money to the Haughey family. One thing is clear, as a business venture Feltrim Mining was a complete failure.
