Maloney 'delayed floatation of Esat for own ends'

Former Esat chief executive Barry Maloney has been accused at the Moriarty Tribunal of delaying the floatation of the company in order to maximise his own shareholding.

Eoin McGonigle, SC, for Denis O'Brien, said that Mr Maloney's attempts to delay the floatation of Esat Telecom in late 1997 were designed in order for him to maximise his shareholding.

Mr Maloney said in response that the impending tribunal inquiry, delays in constructing transmission sites and ongoing negotiations with CIE made it necessary to delay the floatation.

The tribunal heard that when Esat Digifone was sold to British Telecom, Mr Maloney got £40m.