Lowry queried Desmond's finances

A FEW days before Esat Digifone got the second mobile phone licence, Michael Lowry sought information on Dermot Desmond’s finances, the Moriarty Tribunal heard yesterday.

On May 13, 1995, three days before the licence was handed over, businessman Denis O’Brien met Mr Lowry and civil servant John Loughrey. The then Communications Minister requested information on the available finance in Mr Desmond’s International Investment and Underwriting company.

Mr Lowry was also anxious that when the licence was issued, Mr Desmond’s stake would be reduced to 20%. Mr O’ Brien’s holding company and Norwegian telecoms group Telenor each held 40% when they applied for the licence, with 20% set aside for institutional investors. The tribunal is probing the circumstances of Mr Desmond’s involvement. No record of this meeting is on the files of the Department of Transport, Energy and Communications. Mr O’ Brien relayed the information to Esat Digifone’s solicitor Owen O’Connell, who passed it on to the tribunal.