‘Questions not answered’

IN a further twist to the IN&M saga last night businessman Denis O’Brien accused the group of failing to deal satisfactorily with his long list of questions.

Mr Brian Mulroney’s assertion after the AGM that the group was as clean “as a hound’s tooth” did not wash with Mr O’Brien.

His claim that he fully answered all of the points raised in his letters were “totally false”, said Mr O’Brien, in a fresh attack on the media group.

Several questions still needed to be answered and he warned “these are matters we will return to”.

His correspondence to the group requested full disclosure on a range of issues including expenses paid to the chief executive, Tony O’Reilly, for entertainment at his various residences, the use of a private jet and other expenses, he said.

The Digicel founder also noted the €100,000 additional payments to Mr Mulroney for being the group’s eyes and ears in the US, Canada and Africa.

The report condemned by IN&M as defamatory said Mr Mulroney could not be regarded as independent because of the significant amount of additional expenses he took out of the group.

Dr Ivor Kenny, another member of the besieged board, lacked independence due to his length of service, the report said.

Dr Kenny dismissed the report as a “cut and paste job — it has not risen even to being shallow”, he said.

Despite their criticisms of the document Mr O’Brien said both failed to identify the specific aspects of the Davis Report of which they were so dismissive, he said.

On the trading outlook, IN&M’s chief operating officer Gavin O’Reilly said that the company’s performance in the first five months of this year matched targets and it was “comfortable” with forecasts for earnings per share growth of 10% to 12% this year.