Courts / Dublin / Report
Anglo's audit committee was independent watchdog, trial told
Summary
During the trial of David Drumm, the jury heard that Anglo Irish Bank's audit committee was an independent watchdog tasked with overseeing management. Former company secretary Natasha Mercer said the committee's role was to challenge management if activities were not appropriate and that all members had substantial accountancy experience. Drumm, 51, pleaded not guilty to conspiring with former bank officials to defraud depositors and investors by creating the impression that 2008 deposits were €7.2 billion larger than they were. He also pleaded not guilty to false accounting on 3 December 2008. The court heard that Drumm accepts the facts of the 2008 transactions between Anglo and Irish Life and Permanent but disputes that they were fraudulent or dishonest. The trial, held at Dublin Circuit Criminal Court, continues before a jury of ten men and four women.
Who, what, where, when and why
What: Report matter: Anglo's audit committee was independent watchdog, trial told. 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 Hearing Or Sentence
- November 18, 2008 Hearing Or Sentence
- September 2008 Other
- 2018-02-20 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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