Thursday 22 March 2018

Drumm loses latest US appeal against bankruptcy ruling

Drumm: loses second appeal. Photo: Bloomberg
Drumm: loses second appeal. Photo: Bloomberg
Shane Phelan

Shane Phelan

Former Anglo Irish Bank chief executive David Drumm has lost his latest bid to overturn his bankruptcy.

It is the second appeal Mr Drumm (50) has had rejected since a Boston bankruptcy court denied him a discharge from bankruptcy in January 2015.

A one line ruling issued by the US Court of Appeals on Wednesday said it affirmed the judgment of the bankruptcy court.

Mr Drumm, who is now in Ireland awaiting trial over alleged offences at the bank, had represented himself in the latest appeal. He had made a 12-page submission to the court in June.

The latest ruling means around €10m in debt cannot be written off and Mr Drumm will be denied a fresh financial start.

The Dubliner had been working as a financial consultant in the US, but returned to Ireland earlier this year.

He is due to go on trial in April next year on two charges of conspiracy to defraud and false accounting relating to €7.2bn in deposits placed in Anglo accounts by the then Irish Life and Permanent in 2008.

Irish Independent

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