Smart’s €1 buyout included €50m liabilities, court hears

FORMER Smart Telecom boss Oisin Fanning is not a credible person to challenge the October 2006 buyout of the company by businessman Brendan Murtagh, the High Court was told yesterday, as Mr Fanning himself both voted for and benefited from the deal.

Submissions for Brendan Murtagh and his sons, Alan and Fergal, oppose Mr Fanning’s application for leave to bring proceedings to overturn the buyout.

The court was also told Smart has claimed that, instead of owing Mr Fanning money, he owes it some €860,000 in alleged overpayments and items allegedly improperly claimed by him as business expenses.