Phelan 'set up Isle of Man account for O'Brien in own name'

A former financial advisor to Denis O'Brien has told the Moriarty Tribunal that he was asked to open an offshore account in his own name in the Isle of Man on behalf of Mr O'Brien.

However, Aidan Phelan denied that the account was set up to conceal the identity of Mr O'Brien and said he did not think it unusual when he was asked to do so.

"When you're dealing with Denis, anything could happen. I mean, he's very entrepreneurial," he said.

Mr Phelan added that two payments were made from this account to Fine Gael fundraiser David Austin, who was a close associate of former Communications Minister Michael Lowry.

He admitted that it would be reasonable to assume that Mr O'Brien did not want his name associated with the account.