Wednesday 20 September 2017

FitzPatrick won't attend Glass Bottle site inquiry

Former Anglo Irish Bank Chairman and Chief Executive Sean Fitzpatrick
Former Anglo Irish Bank Chairman and Chief Executive Sean Fitzpatrick

Michael Brennan Deputy Political Editor

FORMER Anglo chief executive Sean FitzPatrick has declined to take part in an investigation into the disastrous Irish Glass Bottle site deal due to his involvement in "two separate criminal investigations".

Mr FitzPatrick was on the board of the Dublin Docklands Development Authority (DDDA) when it bought the site in Ringsend in Dublin for €431m at the peak of the boom in a joint venture with developer Bernard McNamara.

It had the aim of building thousands of expensive apartments on it – with new documents showing that the DDDA was predicting a potential profit of up to €1.1bn from the deal.

But the value of the derelict site has plunged from €431m to €45m and it has been taken over by NAMA.

The Dail's Public Accounts Committee received a letter from Mr FitzPatrick's solicitors last week in response to its invitation.

It said he welcomed the opportunity to attend the hearing on the DDDA because he believed he could be of assistance to its investigation.

"However, Mr FitzPatrick is currently before the courts on foot of two separate criminal investigations. It is with some regret that he will decline the invitation to attend," it said.

Mr FitzPatrick has been sent for trial on charges of failing to disclose at least €139m worth of loans to the former Anglo Irish Bank's auditors.

He has also been charged with providing unlawful financial assistance to Anglo clients in July 2008 or in connection with the purchase of shares in Anglo to unlawfully prop up its share price.

Irish Independent

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