Belfast Telegraph

Prosecutors given bank 'fraud' file

A third file on suspected fraud at rogue lender Anglo Irish Bank has been sent to the Director of Public Prosecutions (DPP).

Corporate watchdog Paul Appleby revealed the additional report had been submitted last month following investigations into directors' loans.

"You may recall that in reporting to the High Court last July on progress with the Anglo Irish Bank investigation, it was indicated on my behalf that a further investigation file would be submitted to the Director of Public Prosecutions shortly," he said.

"This investigation file was stated to relate to the suspected failure of Anglo to maintain a register of loan and related transactions which the Bank had with its directors and with persons connected with its directors.

"Good progress continues to be made with our Anglo investigations."

Earlier this week, Mr Appleby - heading a near three-year probe into the bank's dealings in the lead up to its collapse - announced that one of the golden circle of businessmen lent money by Anglo to buy shares in the bank has been ordered to help a fraud investigation.

Gerald Conlan will be forced to come forward with documents and information on how Anglo arranged the deal in an attempt to prop up its stock market value. Other reports sent to the DPP relate to a specific loan given by Anglo to a former director.

It has also submitted details of the 450 million euro loans-for-shares deal Mr Conlan was embroiled in to help investors buy a 10% stake in the bank - a holding originally been built up in secret by businessman Sean Quinn.

A third area of investigation is focusing on the seven billion euro back-to-back deposit transactions between Anglo and Irish Life & Permanent, which involves four main suspects.

Mr Appleby, the Director of Corporate Enforcement, revealed the latest file handed to the DPP relates to suspected offences committed in Anglo before 2009. He gave the investigation update at the autumn briefing of the Irish Company Secretaries Group. The investigation focused on breaches of Section 44 of the Companies Act 1990, he said.

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