Desmond firm ‘aided deal’

FINANCIER Dermot Desmond’s company prevented “World War 3” breaking out between Denis O’Brien’s Communicorp Group and Norwegian State telecoms firm Telenor, the Moriarty Tribunal heard yesterday.

Mr O’Brien described the benefit of having Mr Desmond’s International Investment & Underwriting Ltd (IIU) on board when “civil servants from Norway” and “faster-moving Irish entrepreneurs” clashed as the Irish-Norwegian consortium made final preparations ahead of receiving the country’s second mobile phone licence.

“IIU were a very good shareholder for Esat Digifone ” Mr O’Brien told the tribunal.