Thursday, February 6, 2014
It begins
Anglo trial is expected to last up to four months by ed carTy Clients were chased to the south of France and Portugal by Anglo irish Bank in an €800million deal to unwind secret shares built up by former billionaire sean Quinn, Dublin Circuit Criminal Court was told yesterday. At the opening of the trial of three former executives of the now defunct bank, a jury in Court 19 was told investors were sought in the Us, the Middle east and resorts of nice and Faro. Former chairman and one-time chief executive, sean FitzPatrick, 65, former chief risk officer Willie McAteer, 63, and former managing director of lending Pat Whelan, 51, deny 16 charges each in relation to the lending. Whelan also denies a further seven charges in relation to the alteration of loan facility letters. the court was told Anglo created a plan to lend money to the Quinns and a so-called ‘Maple 10’ of mega-rich clients, mostly developers and including Belfast-born businessman Paddy McKillen, to buy up the secret shareholding. Prosecutor Paul O’Higgins revealed the original plan was thought to cost €800m, but as the share price fell it involved €450m being loaned for the Maple 10 and €175m for the Quinn family. ‘this was lending in very extraordinary circumstances which had nothing whatsoever to do with the ordinary course of the bank’s business,’ he said. One borrower was in the south of France when he was chased down by former CeO David Drumm – now living
In the dock: Sean Fitzpatrick, Anglo’s former chairman leaves Dublin Circuit Criminal Court yesterday, main; top, Pat Whelan and above Willie McAteer Pictures: PA
in the Us and who is not on trial – and Whelan, the court heard. Unsuccessful attempts to get investors were made in the Us and at a Middle east roadshow. the plan was to get investors to buy the Quinn holding, 25 per cent of the bank’s share value, which the former
tycoon built up in stock market deals known as contracts for difference. Mr O’Higgins told the jury ‘financial geniuses’ offered an ‘extraordinary form of gambling to members of the public,’ involving large sums being bet on shares that may go up or may go
down. ‘the bookie pays out or you pay the bookie,’ he said. the extent of Mr Quinn’s holding became apparent when he met Mr Drumm and FitzPatrick in september 2007, it was alleged. After a high of about €17
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