A case taken by former INM executive Karl Brophy (above) over his dismissal last April as the company’s corporate affairs director has been settled this evening.
Mr Brophy had claimed INM’s largest shareholder Denis O’Brien was behind his dismissal and claimed it was unlawful.
He said he was told his continued employment would be ‘problematic’ because of coverage about O’Brien and the Moriarty Tribunal at that time in INM titles.
He also alleged that he was told he was deemed to be too close to former CEO Gavin O’Reilly – who stepped down last April.
But this evening the case was struck out after the High Court heard the two parties had resolved their differences.
Mr Brophy said he accepted that, in relation to his dismissal, O’Brien had ‘no hand, act of part in that decision’.
However, before Ms Justice Mary Laffoy ended the hearing, the court heard evidence from the newly-appointed INM Chief Operating Officer Vincent Crowley – who took over from Gavin O’Reilly earlier this year.
Mr Crowley told the court that for some time before his departure, Mr (Gavin) O’Reilly and Mr Brophy were working to try to back up Mr O’Reilly’s view that Mr O’Brien had significant non-performing borrowings with the former Anglo Irish Bank and he was therefore effectively funded by the Irish taxpayer (as Anglo had been nationalised).
The two men put a significant amount of time and effort, which was ultimately unsuccessful, into looking into this allegation so that it could be put into the public domain, Mr Crowley said.
Ultimately unsuccessful, eh?
So, do you know how much Denis owes Anglo?
Lines close at midnight.
Previously: Denis O’Brien, Dividends And Paying Back Anglo