Chief operating officer of Independent News and Media Gavin O’Reilly has condemned the actions of Irish telecoms billionaire Denis O’Brien who no has a 22.15 per cent stake compared to chairman Anthony O’Reilly’s 27.94 per cent holding.

Gavin O’Reilly said of O’Brien: “He’s run around the place throwing hand grenades and hid behind his PR people.”

INM’s results revealed that losses at the Independent and Independent on Sunday eased in 2007 – though no specific figures for these titles were provided,