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Drumm goes on trial accused of €7 billion conspiracy
Summary
The trial of former Anglo Irish Bank chief executive David Drumm has commenced. Drumm, aged 51 and residing in Skerries, Co Dublin, is accused of conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors by falsely presenting Anglo's 2008 deposits as €7.2 billion larger than they actually were. He has pleaded not guilty to both the conspiracy charge and to false accounting for the same alleged misrepresentation. The prosecution, led by Paul O'Higgins SC, began its opening speech to a jury of ten men and five women, explaining that the jury will act as 15 independent judges of the facts but that only 12 will ultimately deliberate on the verdicts. O'Higgins emphasized that Drumm is presumed innocent until the prosecution proves its case beyond reasonable doubt. The case is expected to last three to five months, following a prior jury's empanelment after difficulties with jurors.
Who, what, where, when and why
What: Report matter: Drumm goes on trial accused of €7 billion conspiracy. Charges or matters: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by "dishonestly" creating the impression that deposits in 2008 were €7.2 billion larger than they were; false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2 billion larger than they were. Procedural stage: trial
When:
- December 3, 2008 Other
- 2018-02-09 Publication
Case subjects
Defendant
Charges: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by "dishonestly" creating the impression that deposits in 2008 were €7.2 billion larger than they were; false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2 billion larger than they were (Alleged Or Contested)
Plea: Not guilty
Places mentioned
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