Desmond made £100m from ESAT, tribunal told

Mr Dermot Desmond told the Moriarty tribunal today he made £100 million from his involvement with ESAT Digifone.

Mr Desmond said his shareholding was held through IIU Nominees Ltd, and he was the only person whom IIU Nominees held shares for in the company.

He told the tribunal Mr Denis O’Brien brought him into the deal.

Mr Desmond also said he was satisfied in 1997, and is still satisfied, that the decision to award a mobile phone licence to ESAT Digifone in 1995 could not have been influenced by Mr Michael Lowry.

ESAT Digifone was sold to BT last year.