Courts / Wicklow / Report
Former Anglo official "surprised" external auditors never queried refinancing of bank's loans, court hears
Summary
Sean FitzPatrick, 68, of Greystones, Co Wicklow, is on trial at Dublin Circuit Criminal Court, where he has pleaded not guilty to 27 alleged offences under the 1990 Companies Act. The State alleges he failed to disclose the extent of multi-million euro loans linked to him between 2002 and 2007, including 22 charges of making misleading statements to auditors and five charges of furnishing false information. Testimony from former Anglo Irish Bank financial controller Cyril Boyd stated he was surprised external auditors never queried the annual refinancing of FitzPatrick's loans using funds from Irish Nationwide Building Society (INBS). Boyd described the practice as common knowledge, noting that quarterly reports to the Central Bank disclosed total director loans, which would show a drop in the final quarter when refinancing occurred. The prosecution contends the loan amounts were artificially reduced for two weeks around the financial year-end. Witness Alan Dukes testified that FitzPatrick told the board in December 2008 he was resigning principally over the loan refinancing issue, claiming the loans were on commercial terms. Former INBS chairman Michael Walsh stated the refinancing was good business and that INBS reported the loans to the financial regulator. The trial is ongoing.
Who, what, where, when and why
What: Report matter: Former Anglo official "surprised" external auditors never queried refinancing of bank's loans, court hears. Charges or matters: 27 offences under the 1990 Companies Act. Procedural stage: trial
When:
- September 30 Other
- December 2008 Other
- September 2008 Other
- December 16 Other
- September 2007 Hearing Or Sentence
- December 18 Hearing Or Sentence
- 2002 and 2007 Other
- 2002 to 2007 Other
- 2017-01-16 Publication
Why: " He asked Mr FitzPatrick for a reason for the significant increase. CNI source report
Case subjects
Defendant
Charges: 27 offences under the 1990 Companies Act (Alleged Or Contested)
Plea: Not guilty
Places mentioned
Topics
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