Anglo verdicts delivered

The trial focusing on the collapse of the Anglo Irish Bank has concluded with two former directors being found guilty of unlawfully helping businessmen to buy shares in the bank in July 2008. The deal involved loans totalling €450 million.

William McAteer and Pat Whelan were found guilty on 10 counts of providing unlawful financial assistance to the ‘Maple 10’ group but not guilty on six charges of providing that assistance to Sean Quinn and his family.

Seán FitzPatrick, the bank’s former Chairman, was acquitted on all counts of providing unlawful financial assistance to the ‘Maple 10’. FitzPatrick is due to face another trial in the autumn on charges of failing to disclose information about loans (worth €139 million) to the bank’s then auditors, Ernst & Young.

The trial – the first under Section 60 of the Companies Act 1963 – lasted 47 days and involved 54 witnesses, and an unprecedented jury of 15 people due to its complexity.

Former Chief Executive David Drumm, who managed the scheme, moved to the USA in 2009 but his extradition can only take place if the offence is recognised in both jurisdictions. Drumm is due to stand trial this month in Boston over bankruptcy debts and his current visa is expected to expire in July.

Judge Martin Nolan, who presided in the case, is a former garda who later trained and worked as a barrister. He has sat on the Circuit Court since 2007.