Wednesday 7 December 2016

Drumm should face the music

Published 07/09/2011 | 10:51

Not before time, the gardai are almost ready to send a file on alleged financial irregularities at Anglo Irish Bank to the Director of Public Prosecutions. It has been a complex investigation but the long delay, especially when compared with the apparent speed of action in other countries, has exacerbated public anger and cynicism about the circumstances surrounding the collapse of the bank.

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That anger turns to rage at the failure of former Anglo chief executive David Drumm to co-operate with the investigation. This will have made the garda task more difficult but it also poses a potential challenge for the Director of Public Prosecutions to do his utmost to see that Mr Drumm cannot escape the law merely by living outside the country.

The situation has become even more disquieting with the evidence presented by Anglo in the US bankruptcy courts. Using its own records, the bank claims that Mr Drumm deliberately concealed information from non-executive board members and removed or changed loans to himself, four executive directors and the so-called "Maple Ten" investors who bought shares in the bank in 2008.

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