A property developer, Mr John Byrne, was told by Mr Des Traynor that he was "the proud possessor of shares", although he never received or saw any, he told the Moriarty tribunal.
Three Dunnes Stores cheques amounting to £180,000 had been lodged with Carlisle Trust Ltd, of which Mr Byrne was the director. A sum of £100,000 was paid to Celtic Helicopters and £80,000 was withdrawn in cash and went to a company called Kentford.
In his evidence yesterday, Mr Byrne said he was "surprised and perhaps disappointed" that Mr Traynor had organised these transactions. However, he did not follow it up when he wasn't out of pocket, he said.
Mr Byrne insisted that his failure to follow up the matter was not due to Mr Traynor's relationship with the Haughey family.
In November 1992 Mr Byrne himself invested £14,533 in Celtic Helicopters, the tribunal was told. This followed an approach from Mr Barnicle, a director of the helicopter business.
At about the same time, Mr Byrne was also approached by Mr Traynor, who was also attempting to raise capital for the helicopter company. As a result, Mr Byrne was persuaded to invest about £50,000, he said.
Mr Byrne confirmed yesterday that his investment in the company was represented by part of the lodgement of £122,532.82 to the account of Celtic Helicopters with the Bank of Ireland on November 6th, 1992. When Mr Traynor initially approached him, Mr Byrne told him that it would be impossible for him to make such an investment. Mr Traynor then asked him if he could approach the trustees to see if they would invest.
Mr Byrne said it was some time afterwards that Mr Traynor said he had done this and told Mr Byrne he was "the proud possessor of shares".
Asked by Mr John Coughlan, counsel for the tribunal, whether he ever saw any shares, Mr Byrne replied: "Never saw any shares".
"You never saw anything?" asked Mr Coughlan.
"Never saw anything," he said.
Mr Byrne confirmed that Guinness Mahon Cayman Trust were the trustees, of which Mr Traynor was the chairman and was effectively applying to himself.
Asked by Mr Coughlan whether he would have invested if Mr Ciaran Haughey had not been involved in the venture, Mr Byrne said it was a hard question to answer.
Mr Byrne said that when Mr Traynor approached him he considered it "a long-term investment, and perhaps high-risk, and hoping that it might turn out all right. That was my assessment at the time".