Thursday 19 January 2017

Drumm faces fresh bankruptcy hearing in the US

Brendan Lynch

Published 01/04/2011 | 05:00

FORMER Anglo Irish Bank chief executive David Drumm is due to undergo a second day of questioning today by lawyers representing the bank in Boston, Massachusetts.

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Mr Drumm yesterday subjected himself to another closed-door bankruptcy interrogation.

It came on the same day Anglo announced a record-setting €17.7bn loss and the Central Bank announced four other banks would need another €24bn in bailout money.

Investigation

Ken Leonetti, a lawyer representing Anglo, was expected to question Mr Drumm about the contents of a Chartered Accountants Regulatory Board (CARB) report detailing its investigation of Mr Drumm's tenure as Anglo CEO, and a related written submission by Mr Drumm to the watchdog body.

Mr Drumm had refused to hand over the report, saying it was confidential, until US bankruptcy Judge Frank Bailey compelled him to do so at a hearing earlier this month. Mr Drumm ignored questions from the media at the office of law firm Foley Hoag, which is representing Anglo in Drumm's US bankruptcy case.

The hearing, attended by Mr Drumm, Anglo lawyers and bankruptcy trustee Kathleen Dwyer, was the fourth such session during which Anglo lawyers tried to get an accurate picture of the disgraced executive's finances. At three previous hearings, Mr Drumm had failed to produce documents requested by Anglo.

Irish Independent

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