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Auditor told Anglo he was "very uncomfortable" about ILP transaction

Summary

The trial of Denis Casey, 56, of Raheny, Dublin, is ongoing at Dublin Circuit Criminal Court. Casey, along with Peter Fitzpatrick, John Bowe, and Willie McAteer, has pleaded not guilty to conspiring to mislead investors through financial transactions between March 1 and September 30, 2008. The defendants are accused of establishing a €7.2 billion circular transaction scheme between Anglo Irish Bank and Irish Life and Permanent to bolster Anglo's balance sheet. Evidence presented to the jury includes testimony from Matt Moran, Anglo's then Chief Financial Officer, who stated that Anglo's auditor, Vincent Bergin, expressed being "very uncomfortable" in February 2009 regarding the transaction's accounting treatment. Moran testified that Anglo's Finance department was "very annoyed" when it emerged that ILP had recorded the deposits and loans as netted, contrary to Anglo's representation that they were not. The jury heard that Anglo's auditors required evidence to support the absence of a set-off agreement. Defense counsel Michael O'Higgins SC argued that Casey's public press release in February 2009, indicating the transaction was collateralised, prompted a review of internal telephone recordings by auditors and Finance staff. The matter remains at the trial stage, with no final verdict or sentence recorded.

Who, what, where, when and why

What: Report matter: Auditor told Anglo he was "very uncomfortable" about ILP transaction. Charges or matters: conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008. Procedural stage: trial

When:

• February 2009 Other
• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• February 17, 2009 Other
• November 2008 Other
• January 2009 Other
• 2016-03-15 Publication

Why: This would reduce the risk to parties involved in financial transactions because the parties agree to set off or consolidate competing claims against each other. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report