David Drumm's property safe from U.S. creditors

Former Anglo Irish Bank chief executive David Drumm

The disgraced former Anglo Irish Bank boss David Drumm's creditors will not be able to go after his new two million dollar home in Massachusetts.

The former Anglo Irish Bank chief executive's U.S. property is being held by a trust and its ownership is still in question, as the trustee is not listed in the land registry records.

In bankruptcy court filings last month Drumm admitted he held a 50 percent interest in the Epiphany Nominee Trust, which holds the property, but the court documents do not reveal who holds the remaining half.

Drumm fled Ireland in December 2008 after his resignation as chief executive of Anglo Bank, when a loans-to-directors scandal was revealed. Irish police now want to question him as part of a fraud investigation, however to date he has refused to return to Ireland for questioning.

Drumm filed for bankruptcy with outstanding debts of around 10.26 million last month. In the meantime he and his family are living in an upscale property in Wellesley, Massachusetts.

Drumm's trust arrangement protects his home by putting his interest in the house outside the reach of his creditors.

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