Statements by Irlsato and Frank Fahey
"I had no involvement in it. I have no comment to make in relation to Irlasto.
Thank you very much." - Frank Fahey statement to The Irish Times May 2006
"The business is promoted by Senator Frank Fahy (sic) and will be managed and supervised by Michael O'Connor, an experienced hair salon operator from Galway." - Irlasto writing to Riada Stockbrokers in April 1994
"[ I was] supporting the investors including my wife who were attempting to set up a hair salon there. I did unpaid work on this project on behalf of the investors." - Frank Fahey statement to The Irish Times June 2006
"The business is 55 per cent owned by Mr Fahy (sic) and his partner, 25 per cent by DVA and 20 by Irlasto plc. Each of the three parties will receive a 5 per cent management fee with the remainder of the profit being distributed in accordance with the above shareholding." - Irlasto writing to Riada Stockbrokers in April 1994
"When the business got into financial difficulties I acted on behalf of the investors." - Frank Fahey statement to The Irish Times yesterday.
"I am under severe pressure as I borrowed this money personally last September. If there is any possibility that you can forward this money to me, I would be most grateful." - Frank Fahey writing to Irlasto's Russian partners in July 1995.
"I fully understand that you as investor wish to have your money back and the same applies to me and other investors." - Fax to Frank Fahey from Dmitri Kishiev, one of Irlasto's Russian partners in May 1996
Yesterday's statement: Minister of State Frank Fahey
"Michael O'Connor and my wife Ethelle were investors in a hair dressing business in Moscow. The bank accounts at Bank of Ireland, Eyre Square, Galway, and all other documentation to do with the business were held by the directors.
Eurostrategy, Cross Street, Galway, was a vehicle used by the investors for the development of the business between 1994 and when their involvement ended in April 1996 with significant losses.
I did unpaid work for the company while I was a senator during this period. My involvement was well known due to this work which included attendance at meetings and visits to Moscow. When the business got into financial difficulties I acted on behalf of the investors to try and recover their money, including that of my wife and I wrote many letters to Victor Shenkov, Ciarán Walsh and others in this regard.
Seán Mulryan was not involved in the Tressals Business.
Employees of Irlasto were incorrect in stating I was the owner of the business.
The Irish Times has said that I was in breach of ethics legislation and that I had failed to make a declaration in relation to the interest my wife had in a hair salon in Moscow. On the basis of this false claim, The Irish Times has run a series of stories to try to substantiate its allegation. The newspaper has misquoted me and has attempted to connect me with Irlasto and Tressals.
I was not in breach of my requirements under the Ethics Legislation in 1995/96 and the Standards in Public Office Commission have confirmed this."
Frank Fahey