Courts / Dublin / Report
Drumm admits authorising illegal loans to "Maple Ten"
Summary
Former Anglo Irish Bank chief executive David Drumm, aged 51, pleaded guilty in the Dublin Circuit Criminal Court to authorising or permitting illegal loans to ten businessmen in 2008 to purchase shares in the bank. The loans were given to the so‑called Maple 10 group, comprising Brian O'Farrell, Gerard Conlon, Gerard Gannon, Gerard Maguire, John McCabe, Joseph O'Reilly, Patrick Kearney, Patrick McKillan, Seamus Ross and Sean Reilly, between 10 and 17 July 2008. Drumm was transferred from Mountjoy Prison, where he is serving a six‑year sentence for conspiracy to defraud and false accounting, to the court. He answered "guilty" to the ten charges. The prosecution, led by Paul O'Higgins SC, announced that the remaining 21 charges would be withdrawn, including six relating to loans to the wife and children of former billionaire Seán Quinn, 14 concerning false documents, and one about breaching an EU transparency directive.
Who, what, where, when and why
What: Report matter: Drumm admits authorising illegal loans to "Maple Ten". Charges or matters: authorising or permitting illegal loans to be given to ten businessmen in 2008 to buy shares in the bank; ten counts of authorising or permitting Anglo Irish Bank to give unlawful financial assistance for the purchase of bank shares to Messrs Brian O'Farrell, Gerard Conlon, Gerard Gannon, Gerard Maguire, John McCabe, Joseph O'Reilly, Patrick Kearney, Patrick McKillan, Seamus Ross and Sean Reilly between 10 and 17 July, 2008. Procedural stage: sentence
When:
- 17 July Hearing Or Sentence
- May 7, 2008 Other
- July 9 Adjournment
- 2018-06-29 Publication
Case subjects
Defendant
Charges: authorising or permitting illegal loans to be given to ten businessmen in 2008 to buy shares in the bank; ten counts of authorising or permitting Anglo Irish Bank to give unlawful financial assistance for the purchase of bank shares to Messrs Brian O'Farrell, Gerard Conlon, Gerard Gannon, Gerard Maguire, John McCabe, Joseph O'Reilly, Patrick Kearney, Patrick McKillan, Seamus Ross and Sean Reilly between 10 and 17 July, 2008 (Admitted)
Plea: Guilty
Outcome: Drumm (51) of Skerries, Co Dublin was transferred to Dublin Circuit Criminal Court this morning from Mountjoy Prison, where he is currently serving a six-year sentence for conspiracy to defraud and false accounting. Drumm was jailed last week after a jury returned unanimous verdicts of guilty on a charge of conspiracy to defraud and false accounting, following an 87-day trial.; Judge Karen O'Connor remanded him in continuing custody for sentence on July 9.
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