A former bank manager has told the Mahon Tribunal that payments to lobbyist Frank Dunlop in relation to the Quarryvale project were hidden from developer Tom Gilmartin.
Retired Bank of Ireland manager Paul Sheeran said AIB and developer Owen O’Callaghan, the other shareholders in the project, confirmed this to him.
Mr Sheeran attended board meetings of Barkhill the company behind Quarryvale as an observer for Mr Gilmartin who had a 40% shareholding in 1994.
Mr Sheeran said AIB who held 20% and Owen O'Callaghan who held 40% confirmed to him that payments were being made to Mr Dunlop through a company called Shefran.
This was to hide them from Mr Gilmartin who Mr Sheeran said had a poor opinion of Mr Dunlop.
Mr Sheeran said AIB had lost faith in Mr Gilmartin who was regarded as a loose cannon and brought in Mr O'Callaghan as a saviour for the project.
He said Mr Gilmartin was destitute at the time and could not afford to attend the board meetings.
Mr Sheeran said he asked the company to pay Mr Gilmartin £2,500 a month but only a couple of payments were made and he was continually told there were not sufficient funds.
