EAMON DE VALERA,
Sir, - Vincent Browne, in his Saturday interview with Eamon Ó Cuiv (The Irish Times, June 8th), stated that the de Valera family "appropriated not just the control but the ownership of the Irish Press, which enabled them, the family, to make a lot of money out of it". This statement is false and without any factual foundation.
The clear implication is that either I, or my father, Vivion de Valera, or my grandfather, Eamon de Valera, was wrongly enriched at the expense of the Irish Press and its shareholders. Nothing could be further from the truth.
Neither my grandfather, my father nor I ever abused the control of the Irish Press to "make a lot of money out of it". My grandfather never received any director's fees for all the years he was a director. My father served as managing director for 30 years and was paid a salary which was modest by comparison with his peers at the time. I too have been paid a salary since I became an executive 22 years ago.
As is normal in a public company, my father's salary and my own was set by the other directors. Apart from dividends on a small percentage of shares held beneficially, neither my father nor I have ever received any other payments from the Irish Press.
All dividends received in respect of Irish Press shares held in trust were transferred to the beneficiary.
Vincent Browne's allegations are similar to those of Dr Noel Browne TD who in 1959 alleged that my grandfather and father had acquired a large holding of Irish Press shares for their own benefit at a "grossly deflated undervaluation". My grandfather refuted the allegations in a letter published the next day, January 15th 1959, in the three Dublin daily newspapers.
Finally, although I deeply regret the closure of the Irish Press newspapers in 1995, there is nothing that I am embarrassed about. As this matter is at present a subject of legal proceedings in the High Court, I do not propose to comment further except to say that it is my hope and expectation that what really went on in 1995 will be established at the trial of these proceedings. - Yours, etc.,
EAMON DE VALERA,
Managing Director,
Irish Press Plc,
Merrion Square,
Dublin 2.