O’Brien faced 55m tax claim

MULTI-MILLIONAIRE business tycoon Denis O’Brien faced a €55 million tax assessment from the Revenue Commissioners, according to court testimony which became public yesterday following a Supreme Court ruling.

Mr O'Brien lost a Supreme Court application yesterday in which he sought to stop the public finding out about legal proceedings he was bringing to prevent the Sunday Business Post reporting that Revenue were seeking €55m in tax from him.

The tax bill is alleged to arise from Mr O'Brien's sale of Esat to British Telecom for approximately €292m three years ago. His residency in Portugal meant he did not have to pay the 20% Capital Gains Tax on his gross profits in the year of that sale.