Friday 15 December 2017

Quinn group did what it was ‘told to do’

Dara O’Reilly give evidence

Former billionaire Sean Quinn
Former billionaire Sean Quinn
Sarah Stack

Sarah Stack

THE Quinn group did what it was "told to do” during a loan-for-share deals to unwind Sean Quinn’s secret stake in the bank, a court heard.

Dara O’Reilly, the former finance director of the Quinn Group, told the trial of three Anglo executives that the former tycoon was not voluntarily unwinding his position in the bank built up through contracts for difference (cfds).

“Quinn was doing what they were told to do,” he said, adding that Anglo took charge of the deal in July 2008.

Mr O’Reilly said the bankrupt businessman invested in cfds through Bazzely Ltd, a company registered in Madeira which he set up in 2005 for ‘tax efficient’ reasons.

He told the court Mr Quinn instructed which stocks were to be bought and sold, including increasing a position in Anglo to 28pc.

Former Anglo chairman Sean FitzPatrick (65), from Greystones, Co Wicklow; former head of risk William McAteer (63), of Rathgar in Dublin; and Patrick Whelan (51), of Malahide, Co Dublin 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, Anglo’s former head of lending in Ireland, has also denied seven charges of being privy to the fraudulent alteration of a loan facility letter.

The three are accused of lending six members of Sean Quinn’s family and ten customers - who became known as a Maple 10 – up to €650m to buy Quinn's indirect stake built up through contracts for difference.

The trial continues.

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