Desmond gave us what we wanted, says former Digifone director

FINANCIER Dermot Desmond “gave us what we wanted” when he agreed to underwrite 60% of Esat Digifone, former consortium non-executive director John Callaghan told the Moriarty Tribunal yesterday.

Mr Callaghan described how he was asked by former Digifone chairman Denis O’Brien to contact Kyran McLaughlin of Davy Stockbrokers in the summer of 1995 to get financial institutions to become involved, in the event of the consortium winning the competition for the country’s second mobile phone licence.

By September 29, 1995, Mr O’Brien had agreed a deal with Mr Desmond’s International Investment & Underwriting Ltd (IIU).