The former director-general of Bord Failte, Mr Joseph Malone, suggested to a US businessman that he might invest in Celtic Helicopters, the company operated by Mr Ciaran Haughey.
Mr Malone said he was asked by Mr Cruse Moss, owner of General Automotive Corporation (GAC), about potential investments in Ireland. At the time, 1985, GAC operated a bus-building plant in Shannon for CIE.
Mr Malone said he suggested Cement Roadstone, the purchase of a Jack Yeats painting then on sale or, as a "high flyer", Celtic Helicopters.
Mr Moss subsequently made an investment of £5,000, probably by giving the money to the late Des Traynor.
Mr Malone, who invested £15,000 in the company in 1985 on behalf of his son, Joe jnr, said he declined a suggestion from Mr Haughey in 1984 or 1985 that he become chairman of Celtic Helicopters, after he had discussed the matter with Dr Michael Dargan, then chairman of Aer Lingus.
Mr Malone was at the time a director of Aer Lingus, having been appointed by the Haughey government in 1980.
