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Tuesday 30 September 2014

Former Anglo executives to be sentenced this afternoon over illegal loans

Willie McAteer and Pat Whelan could face up to five years in jail

Sarah Stack

Published 29/04/2014 | 12:57

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Former Anglo Irish Bank executives Pat Whelan, left and William McAteer

FORMER Anglo Irish Bank executives Pat Whelan and William McAteer will be sentenced this afternoon.

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Judge Martin Nolan told the men and their legal teams he wants to consider all evidence put to him during a sentencing hearing before making his decision.

They face up to five years in jail and/or a €6,348 fine after been convicted under the Companies Act.

Mr Whelan and McAteer were convicted of giving illegal loans to the so-called Maple 10 to buy shares in the bank to unwind Sean Quinn's secret stake.

The former bankers have received an automatic five year disqualification from serving as a company director, the court heard.

At the end of a 47 day trial at the Circuit Criminal Court in Dublin a jury also found the men not guilty of providing unlawful financial assistance six members of Mr Quinn’s family.

Their convictions followed the acquittal of former chairman Sean FitzPatrick on 16 similar charges.

The loan-for-shares deal involved unwinding Mr Quinn’s secret 29pc stake in the bank, build up through contracts for difference (cfds).

The three had denied all the charges.

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