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Former Assurance head learned about Anglo deal through media reports
Summary
During a trial in Dublin Circuit Criminal Court, former Irish Life Assurance CEO Denis Casey, aged 56, testified that he only learned of a €7.2 billion circular transaction scheme with Anglo Irish Bank through media reports months after the alleged deception. The scheme, allegedly designed to inflate Anglo's 2008 balance sheet, involved Anglo loaning €7.2 billion to Irish Life and Permanent (ILP), which then placed the same amount back with Anglo, recorded as customer deposits. Casey, along with former senior bankers Peter Fitzpatrick (63), John Bowe (52), and Willie McAteer (65), pleaded not guilty to conspiring to mislead investors between 1 March and 30 September 2008. Evidence presented included testimony from Kevin Murphy, who said he first became aware of the deals via February 2009 media reports and later detailed information from the regulator. The jury heard that Murphy succeeded Casey as ILP Group Chief Executive in mid‑2009.
Who, what, where, when and why
What: Report matter: Former Assurance head learned about Anglo deal through media reports. 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
- February 2009 Hearing Or Sentence
- 2016-04-22 Publication
Why: The trial will continue in evidence before the jury on Tuesday in order to allow a legal issue to be dealt with in its absence. CNI source report
Case subjects
Defendant
Charges: conspiring together and with others to mislead investors through financial transactions between March 1st and September 30th, 2008 (Alleged Or Contested)
Plea: Not guilty
Places mentioned
- Convent Lane
- Portmarnock
- Dublin
- Tipperary Town
- Tipperary
- Dublin
- Dublin Circuit Criminal Court
Topics
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