The Moriarty Tribunal has been hearing details of the financial difficulties facing Celtic Helicopters in the early 1990s. These difficulties led to efforts by Charles Haughey's accountant, the late Des Traynor, to put together and investment package worth between three and five hundred thousand pounds.
Paul Carty, a former director of Celtic Helicopters and a managing partner of Deloitte and Touche said the difficulties began when the companies went into helicopter maintenance business, which involved the building of a hangar in 1992.
Des Traynor eventually persuaded five investors to put up £290,000. These included the late Pat Butler of Butler Engineering; a Mr. Xavier McAuliffe; John Byrne, the property developer and long time friend to both Charles Haughey and Des Traynor; a Mr. Guy Snowdon and Mr. Michael Murphy, an insurance agent for Celtic Helicopters.
Earlier the tribunal heard from a chartered accountant who was brought in to describe the up-to-date affairs of Larchfield Securities, the company formed in the early 70s to look after the interests of the Haughey family. The directors of Larchfield include Ms. Emer Mulhearn, Ciarán Haughey, Sean Haughey and Conor Haughey.
Cairn Ryan, who did the accounts for Larchfield, told the tribunal that the company's assets include a property and lands at Kilmuckridge, Co Wexford, the island of Inishvickillaun, a house and lands in Co Sligo, the Celtic Mist Yacht and shares in Celtic Helicopters. Mr. Ryan said all these assets were gifts from Charles Haughey to the Haughey children.
He described it as "not a normal" company. Larchfield had no bank account, no chequebook, nor any funds for the purchasing of shares. Mr. Ryan told the tribunal that Larchfield had a shareholding in Celtic Helicopters worth £5,000. It later acquired another shareholding worth £7,000.
He told the tribunal that when he asked Mr. Charles Haughey about how Larchfield could purchase these shares since it had no funds, Mr Haughey replied to him, "You better put that down to me."
