Desmond stands by O'Brien at Moriarty Tribunal
Monday, 23 July 2001 18:39
The millionaire businessman Dermot Desmond has said that he is "sticking by" Denis O'Brien, despite the controversy surrounding possible payments to Michael Lowry and Fine Gael. At the Moriarty Tribunal, Dermot Desmond said that he made over £100 million from his involvement in Esat Digifone.
No stranger to the tribunals at Dublin Castle, Dermot Desmond has already had to explain his dealings with the Haughey's and, at the Flood Tribunal, concert promoter Oliver Barry. Today he explained that Denis O'Brien was the man who brought him into the Esat Digifone consortium and he said that he was sticking by Mr O'Brien.
Mr Desmond said that at the end of an internal Esat investigation in 1997 he was satisfied that Denis O'Brien had not given money to Michael Lowry. He also said that he did not think that Michael Lowry would have had the power to influence who was given the mobile phone licence, but he accepted that public perception would have been tainted by news of a possible payment.
In relation to the $50,000 dollar payment that did go to Fine Gael, Dermot Desmond accepted that by not telling him of this Denis O'Brien had breached the duty of good faith that he owed to his fellow shareholders.
Dermot Desmond is the third Esat Digifone millionaire to take the stand at the Moriarty Tribunal in recent weeks. Last year's sale of that company netted Denis O'Brien more than £220m , Chief Executive Barry Maloney got £40m and £100m was added to Dermot Desmond's bank balance.
