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Tuesday 23 September 2014

The charges against Sean FitzPatrick

Published 17/04/2014 | 02:30

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Q The State claimed that Sean FitzPatrick either took part in or permitted an illegal scheme where Anglo's funds were used to finance the purchase of its shares to stabilise the bank's share price.

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It was alleged that €45m was illegally loaned to each of the so called "Maple 10" – a group of long-standing clients the bank regarded as high net worth individuals.

Section 60 of the Companies Act 1963 makes it illegal for a company to finance the purchase of its own shares unless that lending is in the ordinary course of the company's business.

The Maple 10 were:

* Paddy McKillen (businessman behind Jervis Shopping Centre)

* Seamus Ross (head of Menolly Homes)

* Brian O'Farrell (auctioneer and developer)

* John McCabe (Meath-based builder)

* Gerard Maguire (developer who built Carroll Village in Dundalk)

* Patrick Kearney (owner of PBN Holdings)

* Gerard Conlon (co-owner of private hospitals including Mount Carmel)

* Gerard Gannon (former co-owner of the K-Club)

* Sean Reilly (developer of Malahide marina)

* Joseph O'Reilly (developer of Dundrum Town Centre).

Before yesterday Mr FitzPatrick had also been acquitted of six charges relating to loans for members of Sean Quinn's family.

Judge Martin Nolan directed not guilty verdicts on six counts relating to prosecution claims that Mr FitzPatrick knew that €169m was lent to Mr Quinn's wife and five children to unwind the businessman's secret stake in the bank.

Irish Independent

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