The Anglo trial has heard that the bank’s former CEO was worried about the financial regulator not approving a deal to unwind Sean Quinn’s shareholding. The lender’s former chief financial officer made the comment while being cross-examined in the trial of three former directors.
Willie McAteer, Pat Whelan and Sean Fitzpatrick are accused of providing unlawful loans to 16 people to buy shares in the bank in July 2008. The prosecution claims the loans were used to unwind former billionaire Sean Quinn’s stake in the company. Anglo’s former chief financial officer Matt Moran has been granted immunity to give evidence.
Today, he described how Anglo’s former chief executive David Drumm was worried about a legal issue relating to the bank lending against its own shares Mr. Moran told the court he was asked if there would be a problem under Irish company law and that Mr. Drumm said it was his understanding that the bank had an “out” if the lending was in the ordinary course of business, which in the bank’s case was “lending” he said. Under cross-examination, Mr. Moran also said the Financial Regulator was not in the habit of replying in writing to emails from people in the bank. The 15 jurors have been sent home for the evening and will resume hearing evidence tomorrow morning.
No comments:
Post a Comment