Former Anglo Irish Bank chairman Sean Fitzpatrick and former CEO David Drumm will appear before Ireland’s accountancy watchdog’s disciplinary committee next year. The tribunal may be heard in public.
Both men face complaints due to findings within an investigation carried out for the Chartered Accountants Regulatory Board by former Comptroller and Auditor General John Purcell. Former finance director of Anglo Irish Bank Willie McAteer and Irish Life & Permanent's former finance director Peter Fitzpatrick also face complaints.
The investigation looked at the secret borrowings of Sean Fitzpatrick and the loans given to ten investors to buy Anglo shares which were indirectly held by Sean Quinn. Mr Purcell also looked at the back-to-back deposits of €7.45bn from Irish Life & Permanent that artificially improved Anglo's accounts.
Mr Purcell has found a prima facie case against all four men. In addition he found ground for action against another three former Anglo execs with relation to Fitzpatrick’s borrowings.
He found a prime facie case against only Drumm when it came to the loan to ten of the bank’s customers. His role was amending the terms of the loan. Drumm also appears to be liable for action over loans to “four key management personnel”.
The pair are also facing a complaint over a loan to Mr McAteer in 2008. McAteer is also facing a complaint with relation to the “appropriate disclosure” of the loan.
Moving to Ireland
After living in Ireland for almost one year, this is what I’ve learned