Denis O'Brien denies he is 'self-obsessed' in arguing articles referred to him
Businessman Denis O’Brien has told a High Court jury he is not "self-obsessed" in maintaining he was among 22 people allegedly blamed in newspaper articles for the 2008 financial crisis here.
It was "outrageous" that he was "lumped in" with the "gang" of 22 when he is a good borrower and not a "developer king", he said.
When he said the word “they” in a sub headline “The files they didn’t want you to see” included him, and was defamatory, Michael McDowell SC said the Sunday Business Post (SBP) denied the word “they” meant him.
Counsel remarked Mr O’Brien (pictured) had probably heard of the song, ‘You’re so vain’ and the articles, published on March 15, 2015, did not mean that Mr O’Brien or others were being blamed for the 2008 financial crisis.
Mr O’Brien responded he did not know counsel was a “music buff” to which Mr McDowell replied he was a “great fan of 98FM”.
Mr O’Brien reiterated his view the articles meant he was part of a “gang” of 22 responsible for the crisis in 2008.
He did not know how counsel could say the articles did not refer to him or that he was “self-obsessed” or like the person Carly Simon was referring to in the song, ‘You’re so vain.”
Earlier, Mr O’Brien said that counsel, as a former Minister for Justice, would understand what was meant by the word “gang”.
He also said it was “pretty shocking stuff” to be referred to under a headline “People of Influence, People of Blame” when he is not a “developer king”, is not “reckless” and not a person who “blew up this country".
Counsel said the SBP would say the information set out in the articles was based on the contents of a report compiled by Price Waterhouse Coopers which was provided to the Government in 2008.
The report concerned the exposure of Irish banks in 2008 and was based on information given to PWC by the banks themselves, the jury was told.
Mr McDowell said the SBP would say publication of the report was in the public interest.
He said PWC went to the Government saying this was the information it was given by the banks.
"I'm not a 'developer king'"
The SBP maintained it was in the public interest to know the Government did not want the public to know the Government was misled about the position of the banks, he said.
Mr O’Brien said PWC should have analysed in much greater detail the loan books.
Earlier, he said the PWC report was “illegally obtained” and it was a criminal offence to have it.
He said has never seen the report which, the jury has been told, was destroyed soon after the articles were published so as to protect the source.
It was possible the journalists got the PWC report wrong, he also said.
He said he is a good borrower and strongly believes in the confidentiality of people’s banking affairs.
Journalists have a “blasé attitude” to people’s private banking affairs and it was not ok to release information about them, he said.
He said the articles referred to 22 developers and one would want a “Disney-like imagination” to say, because he had various “small” investments, he was one of the 22 people who unravelled the banks. He is a property investor, not a “developer king”, he said.
Counsel is continuing his cross examination of Mr O’Brien who is suing over alleged defamation in articles published in the SBP on March 15, 2015.
In the action against Post Publications Ltd, the businessman is seeking “substantial” damages, to include aggravated damages on grounds of alleged malicious publication.
The articles were run over six pages and their focus was what the SBP referred to as a "secret" report into Ireland's banks by Price WaterhouseCoopers (PWC), called "Project Atlas". The report was provided to the government in November 2008 and obtained in 2015 by the newspaper.
The articles include a front page article headlined "22 men and €26 billion" with a subheading: "The secret report that convinced Cowen the banks weren't bust."
Above the headline was a stamp with the word "Confidential" and a strapline, "The files they don't want you to see".
Beside the headline, and below the words "Top Secret" was a list of names, including Denis O'Brien's.
It is claimed the front page article stated the PWC report "shows how just 22 men ended up owing €25.5 billion to their banks" and that it and other articles meant Mr O'Brien was one of the 22.
Mr O'Brien claims the articles identify the 22 with the downfall of Ireland and the bankruptcy of its banking system and mean certain things that injure his reputation.
The defendant denies defamation, denies the words complained of mean what Mr O'Brien says and denies malicious publication. It has also pleaded "fair and reasonable publication on a matter of public interest".
