Former Smart chief in legal face-offs

A NUMBER of legal actions involving former Smart Telecom chief executive Oisín Fanning arising from the October 2006 buyout of Smart by Smart YuRoE Broadband — a company controlled by businessman Brendan Murtagh — have come before the Commercial Court.

Two sets of proceedings brought by Mr Fanning were admitted to the court yesterday while Mr Justice Peter Kelly also heard Smart Telecom plc intends to bring its own action against Mr Fanning.

Smart says it will allege Mr Fanning breached his fiduciary duties as chief executive of Smart in allegedly unlawfully diverting a corporate benefit of opportunity to his own use — the option to acquire the freehold interest in Smart’s corporate headquarters at Citywest Business Park in Dublin.