Varadkar: ‘No market advice on INM’
TAOISEACH Leo Varadkar did not contact the stock exchange or corporate watchdog to ask if information passed to a lobbyist by the Communications Minister was commercially sensitive.
Denis Naughten has faced repeated criticism in the Dáil for sharing his thoughts on a media merger with a representative for one of the parties involved, Independent News & Media (INM).
Opposition parties claimed it was inappropriate for the minister to advise the lobbyist that INM’s proposed takeover of the regional newspaper group Celtic Media was likely to be referred to the Broadcasting Authority of Ireland (BAI) for review.
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Details of the conversation emerged in court papers filed by the Office of the Director of Corporate Enforcement (ODCE) as part of a bid to have High Court inspectors appointed to investigate alleged corporate governance issues at INM.
The ODCE has alleged Heneghan PR, which was acting for INM, briefed the company’s then-chairman Leslie Buckley of the minister’s attitude to the proposed deal. In turn Mr Buckley is alleged to have emailed INM’s largest shareholder, Denis O’Brien, in a move the ODCE says may amount to “inside information” and potentially a breach of stock market rules.
The minister denied disclosing sensitive information and said he was expressing a personal opinion on the proposed takeover when he took the call in November 2016.
Yesterday, Mr Varadkar told the Dáil he did not contact the ODCE, the stock exchange or the Competition and Consumer Protection Commission (CCPC) to see if the minister breached market rules.
“If there is a concern, I am sure if the director deems it appropriate to investigate, he will do so,” said Mr Varadkar.
“In fact the minister, Deputy Naughten, did the opposite of what I imagine INM would have wanted. He referred the proposed merger to the Broadcasting Authority of Ireland and therefore delayed it.”
Mr Varadkar was also asked his views on media diversity, replying that it was a key part of democracy but it was not appropriate for politicians to make decisions on media ownership.
“I would not like to see ministers adjudicating as to whether 27pc is okay but 28pc is not or to be in that space. These things should be independent of politics and politicians.
“They should be determined by a body such as the CCPC when it comes to a merger such as this, with the BAI having a role too.”
Mr Varadkar also moved to clarify the events surrounding a meeting he had with Mr O’Brien at a conference in Davos, Switzerland, earlier this year. He denied having a private meeting with Mr O’Brien.
“We did not sit down together across a table or sit down together at all. I ran into him in a corridor. It was very public. We exchanged pleasantries and that was it.”