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Date set for Anglo's €50m action against ex-loans chief


Getty Images

Getty Images

Getty Images

OCTOBER 16 next has been set for the hearing of an action by Anglo Irish Bank seeking some €50m judgment orders against former head of lending Tom Browne.

Mr Browne is seeking to call as witnesses some of those being pursued by Anglo itself, the Commercial Court heard yesterday.

The case is expected to last four weeks and will address a wide range of issues, including claims by Mr Browne that Anglo directors withheld information from him related to Contract for Difference positions built up by businessman Sean Quinn in the bank, since nationalised.

Mr Justice Peter Kelly fixed the hearing date yesterday and asked Mr Browne's side to provide the lender with a list of proposed witnesses.

Michael P O'Higgins, counsel for Mr Browne, said some of his side's potential witnesses were people being pursued by the bank itself and that was causing difficulties.

Information about the witnesses would be provided to the bank as soon as it was available, counsel said.

Mr Browne, of Ferney Hill, Brighton Road, Foxrock, Dublin, head of lending at Anglo between 2005 and 2007, claims he has no liability for some €50m loans on grounds the bank was allegedly aware the interest acquired by Sean Quinn in the bank was such as to undermine its stability and to render his shareholding valueless.

Had he known of such matters, he would never have exercised his share options.

Irish Independent