Kane gets €3.8m Eircom handshake

FORMER Eircom boss Alfie Kane yesterday walked away from his job with €3.8 million in his back pocket.

This is in sharp contrast to the fortunes lost by the 500,000 who bought into Eircom when it floated in July 1999. Most investors are down about 30% on their investments while Mr Kane received a golden handshake of €2,807,750 in pension contributions and a further €1,079,277 as compensation “for loss of office”.

Other directors such as former Labour Party leader Dick Spring have earned about €70,000 in payments for work linked to the takeover by the Anthony O’Reilly-led Valentia consortium.