News Courts

Friday 19 September 2014

Anglo trial: Prosecution finishes evidence against defendants

Sarah Stack

Published 04/04/2014 | 12:20

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Pic Shows: Former Anglo director Willie McAteer at Dublin Circuit Criminal Court yesterday (Wednesday) 26-03-2014.
Re: Three Anglo bankers have gone on trial, Former Anglo director Willie McAteer (63), of Auburn Villas, Rathgar, South Dublin, at court yesterday for the trial where he has pleaded not (NOT) guilty to providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in Anglo Irish bank.
Pic: Collins Courts.
Willie McAteer
Former Anglo Chairman Sean Fitzpatrick
Former Anglo Chairman Sean Fitzpatrick
Anglo Irish Bank sign at former Anglo headquarters, St Stephen's Green, Dublin, being removed in 2011

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.

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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.

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