The managing director of JMSE has accepted he must have signed cheques which formed the payment of £30,000 to Ray Burke. But Frank Reynolds told the Flood Tribunal he does not remember any details of the June 8 1989, when it is claimed the payment was arranged. He said that having considered the evidence to the Tribunal so far it was probable that he signed the cheques but he must have believed it was an intercompany loan. Mr Reynolds also denied that he was one of two JMSE employees who collected cash from a bank in Talbot Street for the payment to Mr Burke.
Earlier Mr Reynolds told the Tribunal he was shocked by the actions of James Gogarty during the negotiations on his pension agreement. Mr Reynolds said that his respect for Mr Gogarty started to dwindle when he learned how he witheld over £700,000 in company money from JMSE's ESB Moneypoint contract. Mr Reynolds said that Mr Gogarty had held it as a ransom for his pension. He said that despite this he was willing to give Mr Gogarty a second chance and continued to speak to him. However he said that Mr Gogarty's attempt to blackmail Joseph Murphy Junior in 1992 was the final straw for him.
The Tribunal adjourned earlier than usual after Mr Justice Flood criticised the witness for repeatedly adding comment to his answers. This followed a number of interventions from Garrett Cooney S.C. for the Murphy Group, who objected to the way in which Mr Reynolds was questioned. Mr Reynolds had earlier accused counsel for the Tribunal John Gallagher S.C. of treating him like a defendant rather than an impartial witness.
