Revealed: McCourt firm owns less than 3 per cent of National Broadband Ireland

Businessman was awarded multibillion-euro contract in exchange for just over €100,000 equity investment

David McCourt: equity investment of just €116,564

David McCourt was awarded the contract for the €3 billion taxpayer-funded National Broadband Plan in exchange for an equity investment of just €116,564, the Business Post can reveal.

Previously undisclosed documents obtained by this newspaper show that Granahan McCourt Capital LLC, the US businessman’s private investment firm, owns just a 2.7 per cent stake in National Broadband Ireland, the company set up to deliver the largest telecoms project in the history of the state.

It ...