"The Irish Times" reported in 2006 that in 1994, when Fahey was a Senator, he became involved in establishing a hair and beauty salon business in Moscow, involving an investment of over £200,000 (€254,000). Fahey did not officially declare the interest and at first denied involvement with the salon. Later, he admitted a connection, saying he had travelled to Moscow "as an ordinary citizen to support the investors including my wife who were attempting to set up a hair salon there...the whole thing was part of a regional political campaign by a number of individuals to do damage to my integrity, character and good name".