Tuesday 20 August 2019

Jailed David Drumm expelled from Chartered Accountants Ireland

David Drumm, the former Anglo Irish Bank chief.
David Drumm, the former Anglo Irish Bank chief.
Donal O'Donovan

Donal O'Donovan

Jailed former Anglo Irish Bank chief executive David Drumm has been expelled from Chartered Accountants Ireland and fined following a disciplinary hearing that had been delayed during his trail at the request of the Office of the Director of Public Prosecution.

The former bank chief is serving a six year prison term having been found guilty on two sets of fraud charges stemming from the collapse of the bank.

His trial had been delayed for years while he was based in the US, until he was eventually extradited back to Ireland in 2016.  

David Drumm's plea of guilt in last year’s trial removed any remaining barriers that had stalled the professional disciplinary tribunal up to that point.

As far back as 2010, the Chartered Accountants Regulatory Board (CARB) had planned to convene a tribunal over dealings involving Mr Drumm.

That December, reports by special investigator John Purcell, a former Comptroller & Auditor General, found there was prima facie cases of liability to disciplinary action in respect of him, and other senior figures at the banks who were chartered accountants.

Chartered Accountants Ireland, into which CARB was later subsumed, said at the time that any action had been deferred at the request of the DPP.

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