Denis Casey in €7.2bn conspiracy trial as jury deliberates

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The jury had begun deliberations in Denis Casey’s conspiracy-to-mislead-investors trial at Dublin Circuit Criminal Court. The proceedings were reported on 17 May 2016.

Denis Casey, Peter Fitzpatrick, John Bowe and Willie McAteer pleaded not guilty to conspiring together and with others to mislead investors by setting up a €7.2 billion circular transaction scheme between 1 March and 30 September 2008 to bolster Anglo Irish Bank’s balance sheet.

Judge Martin Nolan told jurors they had to be satisfied beyond reasonable doubt that the scheme and the way it was accounted for were dishonest; otherwise, they had to acquit all four. If satisfied of dishonesty, they also had to be satisfied that the defendants authorised or were involved in executing the scheme and, at that time, intended the €7.2 billion to be accounted for in Anglo’s accounts with no explanatory note.

The judge said the defence had presented the men as trying to do their best for their companies and the Irish financial system. He agreed none was involved for personal profit, but said that did not mean they had not committed a crime.