'Scam' pair claim mix up

Two of the three Irish nationals accused of running a Bangkok-based share ramping operation have said they ran a legitimate business. Mr John Kealey and Mr Ronan Murray, who are on bail in the Thai capital, have been charged with work-permit violations, running an unlicensed trading house and fraud. Mr Paul Hickey faces similar charges.

"The whole thing was a complete mix up," Mr Kealey told RT╔ radio yesterday. He said that the Brinton Group - of which the men were directors - had been confused with "companies that don't do the right thing". He added that five other companies investigated by the Thai authorities in a swoop on unlicensed boiler-room operations "have nothing to do with us".

"There are scumbags out there, who don't do the right thing," said Mr Kealey who denied allegations that he was in some way linked with the IRA.

Mr Kealey said Brinton worked closely with a firm of US lawyers, Gallagher, Brody & Butler, that identified possible investments. He said the law firm researched companies in the US and "we in turn recommend them to our clients. It's called venture capital." All the companies in which they sold shares were "100 per cent legitimate", he said.

The business was based in Thailand because it was economical and a "beautiful part of the world", said Mr Kealey. He added that it was much easier to operate in Thailand than in the US because "you don't need a licence if you are dealing with offshore nationals". He said that it was the responsibility of the clients to pay any tax that was due in their countries of residence.

Mr Murray said the firm was not responsible for the work visas of the people who worked for it because they were all independent consultants. He added that he and Mr Kealey had paid $56,000 to buy air tickets for the former employees who were deported by the Thai authorities for visa and work-permit violations.

Mr Kealey said the decision of the Thai authorities to deport the former employees indicated that they did not believe there had been a major fraud.

He added that the decision of himself and Mr Murray to give themselves up was proof that they were innocent. They delayed coming forward for two weeks on the advice of their lawyers. He said the case would come down to whether or not the companies whose shares Brinton sold to clients were real or not.