Courts / Wicklow / Report

Trial of former Anglo chairman Sean FitzPatrick begins

Date
2016-11-03

Stage
Trial

Primary locality
Wicklow

County
Wicklow

Summary

The trial of former Anglo Irish Bank chairman Sean FitzPatrick began at Dublin Circuit Criminal Court. FitzPatrick, 68, is accused of misleading the bank's auditors, Ernst & Young, about multi‑million euro loans taken by him, his wife and family between 2002 and 2007. The loans grew from about €10 million in 2002 to roughly €100 million in 2007 and were used to finance shopping centres, hotels and offices. Prosecutor Dominic McGinn argued that FitzPatrick artificially reduced the loan figures for two weeks around the bank's year‑end by taking short‑term loans from other sources, including Irish Nationwide Building Society, and by transferring funds from deposits and savings accounts. The case involves 27 offences under the 1990 Companies Act, including 22 charges of making misleading statements to auditors and five charges of furnishing false information. The jury will hear evidence from 75 witnesses, including former bank staff and the former chairman of Anglo's successor bank, IBRC. Sean FitzPatrick pleaded not guilty.

Who, what, where, when and why

What: Report matter: Trial of former Anglo chairman Sean FitzPatrick begins. Charges or matters: 27 offences under the 1990 Companies Act. Procedural stage: trial

When:

2002 and 2007 Other
2002 to 2007 Incident
2016-11-03 Publication

Why: Mr McGinn told the jury that it was the State's case that because the aggregate loan figure was arrived at as a result of the temporary refinancing arrangement, the figure was inaccurate as to the actual true position at year end and was false or misleading. CNI source report