Courts / Dublin / Report
Former Anglo executives to be sentenced over €7bn conspiracy
Summary
In a Dublin Circuit Criminal Court trial, former Anglo Irish Bank executives John Bowe (52), Willie McAteer (65), and former Irish Life and Permanent Group Chief Executive Denis Casey (56) were convicted of conspiring to inflate Anglo's financial statements by €7.2 billion. The scheme involved a circular transaction where Anglo transferred money to Irish Life and Permanent (ILP), which then routed the funds back to Anglo through Irish Life Assurance, presenting the transfers as customer deposits rather than inter‑bank loans. The defendants claimed they acted under a "green jersey" directive from the financial regulator to navigate the credit crunch. All pleaded not guilty. After conviction, Judge Martin Nolan remanded them on bail pending a sentence hearing scheduled for the following Monday, during which the defendants' counsel submitted testimonials to the judge in advance of the hearing. The hearing is expected to last one day.
Who, what, where, when and why
What: Report matter: Former Anglo executives to be sentenced over €7bn conspiracy. Charges or matters: conspiring together and with others to defraud by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet with the intention of misleading investors. Procedural stage: sentence
When:
- March 1st Adjournment
- September 30th, 2008 Adjournment
- 2016-07-22 Publication
Case subjects
Defendant
Charges: conspiring together and with others to defraud by setting up a €7.2 billion circular transaction scheme between March 1st and September 30th, 2008 to bolster Anglo's balance sheet with the intention of misleading investors (Alleged Or Contested)
Plea: Not guilty
Outcome: After their conviction Judge Martin Nolan had remanded all three on bail until Monday next for a sentence hearing that is expected to last the day.; After their conviction Judge Martin Nolan had remanded all three on bail until Monday next for a sentence hearing that is expected to last the day.
Places mentioned
- Dublin
- Dublin Circuit Criminal Court
Topics
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