Winners take the money, losers count the cost - The Losers

Tribunal trials and tribulations persist

The Dunnes Stores Tribunal may have been mainly a political event, but it also shook the business world. It exposed the extraordinary business practices of Ben Dunne, when he was in charge at the Dunnes Stores Group and his relationship with the former minister, Michael Lowry, whose company, Streamline, provided refrigeration services to Dunnes Stores.

Mr Lowry, we must presume, has had lengthy negotiations with the Revenue Commissioners about what the tribunal uncovered.

The tribunal also demonstrated the unusual arrangements with which former Taoiseach Charles Haughey funded his lifestyle: partly through payments from the so-called Ansbacher Deposits, accounts held in the Guinness & Mahon Bank; and later Irish Intercontinental Bank in Dublin in the name of Ansbacher in the Cayman Islands. Will the new tribunals cause further fall-out in the business community? There is considerable speculation about the other beneficiaries of the Ansbacher Deposits. So far it does not appear likely that they will be uncovered, although the challenge from Mr Haughey to the new Moriarty Tribunal has led to considerable uncertainty about what happens next. The business world could be affected in 1998 by further fall-out from the whole affair.

Bula investors left in the dark

Shareholders in Bula Resources will certainly consider themselves to be amongst the losers of the year. They may have got nervous when chairman Jim Stanley suddenly resigned in April. But by the time they gathered at their annual general meeting in August, the scale of the problems facing the company was clear and questions were being asked about how it had lost millions in Russia.

Subsequently the Tanaiste, Ms Harney, appointed an inspector, Lyndon McCann, to investigate the affairs of the company. At the centre of the controversy is 74 million of Bula Resources shares held by a company called Mir Oil. When Lyndon McCann travelled to Moscow to meet Jim Stanley, he failed to reach agreement with Mr Stanley's legal adviser on the terms under which he would meet Mr Stanley. The shares were given to Mir Oil as part payment for a share in a Siberian oilfield. The deal turned sour when it became clear that the field did not contain as much oil as Bula had lead shareholders to believe. And the key question is who is the beneficial owner of Mir Oil? The affair became more bizarre as last year went on. Finally, Craig Bond, the son of disgraced Australian businessman Alan Bond, emerged to claim that he was the beneficial owner. However, it remains to be seen what the inspector will conclude. And the controversy rumbles on.

Bula saga lines lawyers pockets

The other Bula the mining company was in the news last year. And here the lawyers were certainly winners from a case which ran 277 days and is now heading for a Supreme Court appeal. In the longest running legal saga in the history of the State, Bula sued the Minister for Energy and Tara Mines, claiming that they were responsible for the Bula mine not being brought into production.

The appeal was filed on behalf of Mr Michael Wymes, Mr Richard Wood and the Bula companies. It was thrown out of the High Court, which severely criticised the Bula directors and also said that they should pay the costs. Despite this, Michael Wymes and his colleagues vowed to continue the fight through the Supreme Court appeal.Fruit of the Loom sours for McCarter

The biggest corporate departure of the year followed a major row between the Fruit of the Loom plant in Buncrana and its parent in the US. It lead to the departure of Willie McCarter as chief executive of the giant operation. However, his brother, Andy, has stepped in to take over. Willie McCarter his set up his own investment company and is taking a more active role in the International Fund for Ireland. The odds are that before too long he will return to a more active and prominent role in some business in the textile sector.

Seagate highlights fickle market

The biggest loser on the industrial front was Clonmel, where Seagate announced it was to close its doors, with the loss of 1,400 jobs. Coming at the end of a year when one announcement followed another, the Seagate closure highlighted the volatility of the electronics sector and the danger of locating major industries in areas where they provide a high proportion of employment.

Other job cuts have come at Asahi in Killala in Co Mayo and AST in Limerick.

The signs are that more job losses may follow in some parts of the electronics sector this year, with fierce competition characterising a number of sectors. However, overall job gains should continue to outpace losses in the fast-moving sector.

Radio Ireland tries to be heard

Radio Ireland, soon to become Today FM, had a miserable year with poor listnership figures, discontented staff and financial losses marking its first year on air.

Despite various high profiles departures from the station by people like John Caden, Dan Collins and Emily O'Reilly, the real blow was dealt in August of this year when Joint National Listnership Research (JNLR) figures showed the station had only gained 1 per cent of the national radio audience

Advertisers said the figures confirmed what they already knew. The directors of the large agencies said the station was poorly focused, too expensive to advertise on and ignorant of its few strengths.

"They're trying to be too many things to too many people," said one leading advertising agency managing director.

The station's alarm was increased a few weeks later when weekend listening figures mirrored the disappointing weekday performance of the station.

As the pressure mounted a team of radio consultants from the London company, Ginger Radio, were brought in to help the station change to a more music-orientated format.

This proposed format did not find favour with the Independent Radio and Television Commission.

Finally, after tensions were resolved the IRTC accepted the schedule and the station is preparing for a relaunch in the new year.

All this bad news means the station's backers, including John McColgan and his wife, Moya Doherty, will have to dig deep into their pockets for the foreseeable future.