Anglo trial: Prosecution finishes evidence against defendants
Published 04/04/2014 | 12:20
THE prosecution has finished giving evidence against three former Anglo Irish Bank executives accused of illegally lending €625m to investors to unwind Sean Quinn’s secret stake in the bank.
A statement by Aoife Quinn, a daughter of the former billionaire businessman, was the final testimony presented to the jury at the Circuit Criminal Court in Dublin.
Ms Quinn said she was aware that Anglo Irish Bank made a loan to her in July 2008 of approximately €10m for the purchase of shares, but that she had no dealing with any official from the lender.
She said she also had no contact with Morgan Stanley, the investment bank which executed the loan for shares deal, a solicitor or the Financial Regulators office in connection with the loan or the share purchase.
Ms Quinn accepted her signature was on any documents presented to her by Quinn Group employees to sign, but she maintained she was not aware of the background of the loan being made at the time.
“I was not aware of the role of the so called Maple 10 in relation to unwinding the cfd position that my father Sean Quinn senior had built up in relation to Anglo Irish Bank,” she added.
Anglo’s former chairman Sean FitzPatrick (65), from Greystones, Co Wicklow; former head of finance and risk William McAteer (63), of Rathgar in Dublin; and Pat Whelan (51), of Malahide, Co Dublin, deny 16 counts each of providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in Anglo Irish Bank.
The loan-for-shares deal involved unwinding Sean Quinn’s secret 29pc stake in the bank, build up through contracts for difference (cfds).
The 16 charges relate to loans to six members of the Quinn family and 10 high net worth Anglo clients, who became known as the Maple 10, who were approached by the bank.
Mr Whelan, former head of lending (Ireland), also denies being privy to the fraudulent alteration of loan facility letters to seven individuals.
Una Ni Raifeartaigh, senior council for the prosecution, told the jury the “prosecution has completed evidence in the case”.
The trial, which has heard 37 days of evidence, had been expected to last until May 31.
It continues in front of Judge Martin Nolan who told the jury he had a number of applications in relation to consider in their absence.