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Expert witness denies being confused about "labyrinthine" accounting standards

Summary

The trial of four former senior bankers, including Denis Casey and Peter Fitzpatrick, continues at Dublin Circuit Criminal Court before Judge Martin Nolan and a jury. All defendants, who have pleaded not guilty, are accused of conspiring to mislead investors through financial transactions between March 1st and September 30th, 2008, allegedly involving a €7.2 billion circular transaction scheme to bolster Anglo Irish Bank's 2008 balance sheet. On day 55 of the proceedings, Michael O'Higgins SC, defending Casey, cross-examined State expert witness Mark Hunt, a chartered accountant. Mr. Hunt previously testified that the deal lacked commercial or economic substance and was not covered by accounting standard IAS 32. During cross-examination, Mr. O'Higgins suggested Mr. Hunt was confused by "labyrinthine" accounting standards and that the global financial situation in September 2008 had caused banks to "fall on their backsides." Mr. Hunt denied being confused, acknowledging the complexity of the standards but rejecting the characterization that the world had fallen apart. He maintained that the transactions were designed to move numbers on a balance sheet. The matter remains at the trial stage, with no findings, sentences, or finalisations recorded for the accused.

Who, what, where, when and why

What: Report matter: Expert witness denies being confused about "labyrinthine" accounting standards. 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:

• March 1st Hearing Or Sentence
• September 30th, 2008 Hearing Or Sentence
• September 2008 Hearing Or Sentence
• 2016-04-18 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report