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Case against former Anglo chief David Drumm concludes

15 May 2018 11:36
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Case against former Anglo chief David Drumm concludes

Drumm faces charges of alleged conspiracy to defraud Anglo depositors by inflating the Anglo deposit total by €7.2 billion in September 2008.

THE STATE’S CASE against former Anglo Irish Bank chief executive David Drumm at Dublin Circuit Criminal Court has closed after 74 days of evidence.

Today Paul O’Higgins SC, prosecuting, told the jury of ten men and four women that lawyers for the DPP have now completed their evidence, and that the prosecution case has closed.

Judge Karen O’Connor sent the jury home for the day, telling them that Drumm’s lawyers will make an application to the court which she will consider in their absence.

David Drumm (51) of Skerries, Co Dublin, has pleaded not guilty to conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by “dishonestly” creating the impression that deposits in 2008 were €7.2 billion larger than they were.

The former Anglo CEO has also pleaded not guilty to false accounting on 3 December 2008, by furnishing information to the market that Anglo’s 2008 deposits were €7.2 billion larger than they were.

Drumm accepts that the multi-billion euro transactions took place between Anglo and another financial institution, Irish Life and Permanent, in September 2008 but disputes that they were fraudulent or dishonest.

Over the course of the trial, the jury has heard evidence from witnesses who worked at Anglo, Irish Life and Permanent, Irish Life Assurance, AIB, the Central Bank, the Financial Regulator and an expert witness for the State from BDO accountants in London.

Judge O’Connor told the jury that everyone is conscious of their commitment and the inconvenience that the 15-week trial has caused them.

They will return to court tomorrow when the judge said she will be in a better position to advise them regarding the timeline for the remainder of the trial.


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