Irish EMPG boss nurses huge losses

BARRY O’Callaghan, boss of troubled text book publisher EMPG, has lost “several hundred million” in the debt-ridden US group now facing major restructuring.

Other Irish investors may have lost up to €300m in investments organised by Davy Stockbrokers for clients said to include former Anglo Irish Bank boss Sean FitzPatrick.

It is understood Anglo Irish provided a significant amount of the cash invested by those who took a punt in the company now undermined with debts of over €5 billion.