Business Irish

Thursday 19 October 2017

Sean Quinn to appear as witness in Anglo case

Sean Quinn: summonsed
Sean Quinn: summonsed
John Mulligan

John Mulligan

BUST billionaire Sean Quinn is set to give evidence on behalf of the State in its criminal case against former Anglo Irish Bank chairman Sean FitzPatrick.

Mr Quinn's family – including his wife and five children – were summonsed last week to appear as witnesses for the prosecution in the case against three Anglo executives.

The dramatic turn of events comes as three of the failed bank's most senior former executives – Mr FitzPatrick, its former finance director Willie McAteer, and the former managing director of its Ireland operation Pat Whelan – are set to go on trial in January.

Mr FitzPatrick, Mr McAteer and Mr Whelan will all face trial charged with providing unlawful financial assistance to 16 people in an effort to boost the bank's share price back in 2008 – as its stock came under sustained pressure from international investors. Mr FitzPatrick was chief executive of the bank before being appointed chairman. He was succeeded in his chief executive role by David Drumm.

Anglo loaned the money to a 'Golden Circle' of investors called the 'Maple 10' to buy shares in the bank.

That group included what had been some of the country's biggest developers, such as Seamus Ross, Gerald Conlon, Gerry Gannon and Joseph O'Reilly. They were among the bank's best customers at the time.

Irish Independent

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