The country's biggest stockbroking firm, Davy Stockbrokers, has announced that one of its Joint Chief Executives, Kyran McLaughlin, has resigned. Mr McLaughlin was questioned by the Moriarty Tribunal last week. In a statement, the company said, "for personal reasons, Mr Kyran McLaughlin has today tendered his resignation as Joint Chief Executive and as a director of the Company". It said that the company had "accepted his resignation with regret and hopes he will soon resolve the issues which brought about this decision."
Mr McLaughlin said in a statement that he had taken the decision because a number of his personal papers from the 1980s have been distributed to the media and other parties. "This has resulted in my being invited to meet the Moriarty Tribunal in relation to the John Furze document, which I confirmed to them I did not write."
Mr McLaughlin said that it has now come to his attention that other documents had also been circulated to the media. He said that these include details of the establishment of a family trust for his children's benefit, contributions to which were made out of after tax income. Mr McLaughlin said that he is in contact with the Revenue Commissioners to resolve outstanding tax issues, if any which may have arisen from this arrangement. He is to stay on as an employee of Davy Stockbrokers.