Courts / Dublin / Report
Drumm gets suspended sentence over illegal "Maple 10" loan scheme
Summary
David Drumm, former chief executive of Anglo Irish Bank, has received a fully suspended sentence of fifteen months at Dublin Circuit Criminal Court for his involvement in an unlawful loan scheme. The 51-year-old from Skerries, County Dublin pleaded guilty to ten counts of authorising unlawful financial assistance to the Maple Ten group of developers and businessmen between July 2008. The loans were designed to unwind a substantial undisclosed shareholding in Anglo Irish Bank accumulated by Cavan businessman Sean Quinn through financial instruments. Judge Karen O'Connor imposed the suspended sentence to run concurrently with a six-year custodial sentence imposed following Drumm's conviction on conspiracy and false accounting charges. The judge noted Drumm's role as chief executive meant he held responsibility for ensuring legal compliance and transparency. Drumm was also disqualified from acting as a company director for five years as an automatic consequence of the conviction under the Companies Act.
Who, what, where, when and why
What: Report matter: Drumm gets suspended sentence over illegal "Maple 10" loan scheme. Procedural stage: sentence. Findings: Convicted
When:
- 17 July Other
- May 2007 Hearing Or Sentence
- March 2007 Other
- 2018-07-10 Publication
Why: The court heard previously that from late 2007 the Quinn Group had its own liquidity problems and was haemorrhaging money in order to pay out on the monthly CFD margin calls. Court evidence reported by CNI
Case subjects
Defendant
Plea: Guilty
Finding: Convicted
Outcome: Convicted; Drumm is currently serving a six-year prison term imposed last month after a jury convicted him of false accounting and conspiring to carry out a €7.2bn fraudulent loan scheme in 2008 and Judge Karen O'Connor ordered that both sentences would run concurrently, meaning no time will be added to his prison term. Judge O'Connor had imposed the six-year sentence on Drumm last month after a lengthy trial.
Places mentioned
- Mountjoy
- Mountjoy Prison
Topics
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