A director of Fexco, the financial services firm in Kerry, has settled an unfair dismissal case with the company for an undisclosed sum.
Following negotiations last Thursday, Mr Conor O'Mahony, who headed Fexco's international payments division when he was dismissed on January 20th, will sever his links with Fexco, including a 0.5 per cent shareholding.
Citing a confidentiality clause, Mr O'Mahony and a Fexco spokesman declined to reveal details of the deal.
It is understood Mr O'Mahony sought a payment of more than £500,000 (#635,324) to settle the case before it came before the Employment Appeals Tribunal in Tralee, Co Kerry, on September 22nd.
One estimation would value the settlement at £200,000, allowing £120,000, the maximum damage that can be awarded by the tribunal, and consideration for Mr O'Mahony's share.
Several attempts were made to reach a settlement before the case went for a public hearing and Fexco sought unsuccessfully to have it conducted in camera.
Both the Central Bank and Enterprise Ireland have investigated claims made by senior counsel for Mr O'Mahony at the hearing last September.
The company, which processes tourist VAT returns and manages the State prize bond scheme, was accused of issuing bogus invoices when claiming Enterprise Ireland grants and of making false returns to the Central Bank.
The Bank's inquiry into the allegations continues. A separate examination by independent auditors appointed by Enterprise Ireland has been completed, but the body has yet to receive a report.
Mr O'Mahony was dismissed following a unanimous board decision after it was claimed he had set up bogus or fictitious sharedealing accounts involving Fexco staff members, his friends and outsiders. The company also alleged that Mr O'Mahony had used £20,000 of its money for an investment in Lloyds shares and £64,000 to buy an apartment in Spain.
On the Lloyds shares, he said there was a full explanation for the matter. The company was reimbursed and it was par for the course in the order of business.
