Monday 19 February 2018

Former Anglo CFO may testify 'in other matters'

Matt Moran
Matt Moran

Dearbhail McDonald and Sarah Stack

THE former Chief Financial Officer of Anglo Irish Bank has confirmed that he may be required to testify in "other matters in the pipeline" as well as the trial of three former Anglo executives, a court has heard.

Matt Moran, who was CFO when Anglo lent monies to ten borrowers in July 2008 to buy shares in the bank, has been granted immunity in respect of the trial of Sean FitzPatrick (65), from Greystones, Co Wicklow; Patrick Whelan (51), of Malahide, Co Dublin; and William McAteer (63), of Rathgar in Dublin.

The men have pleaded not guilty to 16 charges of unlawfully providing financial assistance to individuals for the purpose of buying shares in Anglo Irish Bank in 2008.

Mr Whelan has also denied seven charges of being privy to the fraudulent alteration of a loan facility letter.

Mr Moran has also been granted immunity “for the purpose of this trial, matters with which this trial is concerned and also in respect of other matters in respect of which prosecutions may be taken” according to prosecutor Paul O'Higgins SC.

This morning (THURS) Mr Moran confirmed to Brendan Grehan SC, representing Mr Whelan, that it is possible he may have to give evidence in what Mr Grehan described as "other matters in the pipeline".

Yesterday (WED), the trial of the three former executives heard that the Financial Regulator did not approve or advise upon the so-called 'Maple 10 Deal' to unwind businessman Sean Quinn's secret stake in the former Anglo Irish Bank.

The trial has heard that the Maple 10 was a group of high-net-worth individuals – some of Anglo's 'well-regarded' customers – to whom €450m was lent in July 2008 as part of a plan to unwind Sean Quinn's stake, which he had built up through contracts for difference (CFD).

A 15 strong jury was also told that the bank's former chairman, Sean FitzPatrick, regretted his lack of involvement in the loan-for-shares deal.

Matt Moran told the Circuit Criminal Court that Mr FitzPatrick made the comment a week or two after the transactions had been executed in July 2008.

The trial continues.

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