THE law firm William Fry, which is representing the businessman Denis O’Brien in a case against the state, is set to be appointed as legal adviser to the government-established commission of investigation into transactions by IBRC, including deals with O’Brien.
Law firms that were unsuccessful in tendering for the contract to advise the inquiry were told last week that William Fry was the winning bidder. William Fry declined to comment on the contract or on potential conflicts of interest with its work for O’Brien.
The law firm is acting for the media tycoon in a case launched in June against the Dail committee of procedure and privileges, which O’Brien claims breached his constitutional rights. The attorney general and the state are also named as defendants in the case, which relates to a finding by the committee that TDs Catherine Murphy and Pearse Doherty did not abuse Dail privilege when they made comments about O’Brien’s finances in the Dail.
The IBRC commission of investigation was set up following controversy over the bank’s sale of the utilities business Siteserv to O’Brien for €45m, resulting in a loss of more than €100m to the state. The commission’s remit is to investigate all IBRC deals that involved a loss of more €10m to taxpayers, which includes Siteserv and the bank’s sales of fuel group Topaz and Blue Ocean, a British fuel business, to O’Brien.
William Fry has a long-standing relationship with O’Brien, and represented him in a recent case against RTE as well as in previous proceedings against the Revenue Commissioners.
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The law firm also previously carried out an investigation into potential conflicts of interest arising from the wind-down of the wealth management division of IBRC, which will be among the issues probed by the commission of investigation.
The commission is chaired by the judge Brian Cregan and is due to give its final report to the government before December 31. It is expected to cost at least €4m.
The commission staff comprises one senior counsel, two junior counsel, a solicitor, a documentary counsel and a legal secretary. William Fry will supply external legal advice on specific issues.
William Fry is one of the country’s biggest law firms, with about 310 lawyers and more than 400 staff.
Earlier this year, it won a government tender for legal advice on the restructuring of the state-owned Allied Irish Banks, which is expected to return to the stock market next year.
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It has carried out work for several government departments and is on a panel to supply legal services to Nama.