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Tuesday 30 September 2014

Jury in Anglo trial begins fifth day of deliberations

Sarah Stack

Published 17/04/2014 | 11:06

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William McAteer
Pat Whelan

THE jury on the trial of two Anglo Irish Bank executives has started a fifth day of deliberations.

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William McAteer and Pat Whelan deny 16 counts each of giving illegal loans to six members of Sean Quinn’s family and the so-called Maple 10 to buy shares in the bank.

Yesterday, Sean FitzPatrick walked free from the court after been found not guilty of providing unlawful financial assistance to the Maple 10 as part of the plan to unwind Sean Quinn’s secret stake in the bank.

The jury returned the majority verdicts at the Circuit Criminal Court in Dublin after deliberating for more than 13 hours.

Mr McAteer (63), of Rathgar in Dublin; and Mr Whelan (52), of Malahide, Co Dublin, are accused of breaching Section 60 of the Companies Act by lending €450m to 10 high net worth clients for the purchase of shares in the bank.

Mr Whelan and Mr McAteer were also accused of giving €169m in illegal loans to Mr Quinn’s wife Patricia and their five children.

Trial judge Martin Nolan previously directed that Mr FitzPatrick be found not guilty in connection with the loans to the Quinn family.

He also cleared Mr Whelan of seven counts relating to facility letters to the Maple 10.

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

The trial is now in its 11th week.

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