Mr Denis O’Brien has denied an "error" in the purchase of Esat Digifone shares was an elaborate means of avoiding the attention of the Revenue Commissioners.
"That was never the intention," claimed Mr O’Brien during testimony to the Moriarty tribunal today.
The issue under discussion was the final destination of the 12,000 shares, purchased with a loan of $294,000 from Chase Manhattan Bank, which Mr O’Brien said ended up in the late David Austin’s account by mistake.
The shares were purchased in October 1998 by Mr O’Brien’s former accountant, Mr Aidan Phelan, and ended up in the account of Mr Austin instead of Mr O’Brien’s father-in-law, Mr Noel Walshe.
"There was an error in purchasing the shares, which were in the name of Mr Austin but they were really meant for Mr Noel Walshe. There was no benefit for Austin," said Mr O’Brien.
When asked if he had raised the matter with Mr Austin at the time of the mistake, he said Mr Austin was undergoing an intense round of treatment for a long illness during the period and was not told.
The last time Mr O’Brien saw him was a visit to his London hospital bed only a few hours before his death. "It wasn’t the time to talk about shares," said Mr O’Brien.