Mara named in shares offer

The former Government press secretary, Mr P.J Mara, was one of only two individuals to whom a share placement document for Century Radio was sent, the tribunal has heard.

Mr Greg Lawless, of Davy Corporate Finance, said that he had organised a private placing of shares for Century in August 1989. Information was sent to about 50 people, mainly institutional investors.

Apart from one accountant representing clients who had previously taken up a placing, Mr Mara was the only private individual on the list.

The documents were sent to "Mr O'Mara, Government Buildings" in Dublin.

Mr Lawless said he did not know why they were sent to Mr Mara, but he believed it was at the request of Century's promoters. It was not unusual for documents to be sent to advisers for information, he said.

Mr Lawless agreed there was a contractual obligation on the promoters to disclose the ownership of their companies.

Asked if he had been informed that Mr John Mulhern was an investor in Century, he said he could not recollect. He did not believe he had.

Normally such a matter was disclosed and noted in the document. This was standard practice.

The last of the members of the Independent Radio and Television Commission to give evidence, Mr Donagh O'Donoghue, said he "wasn't conscious" of Century being too highly politicised, as had been alleged.

Mr O'Donoghue, who ran a builder's providers in Galway at the time of his appointment in 1988, said the IRTC was made up of "very independent people with minds of their own".

He said he was amazed to hear of allegations that money was being sought for licences.

He said Century should have been asked about the issue of transmission fees during its oral presentation to the IRTC in January 1989. "It was a good question and it should have been asked, but it wasn't."