Belfast Telegraph

Tribunals for bankers adjourned

Public disciplinary tribunals into three bankers linked to scandal-hit Anglo Irish Bank have been adjourned over concerns they could prejudice any future criminal proceedings.

The accountancy regulator confirmed hearings against the lender's ex-chief executive David Drumm, former finance chief Willie McAteer, and Peter Fitzpatrick - ex-finance director of Irish Life and Permanent (IL&P) - were postponed at the request of the Director of Public Prosecutions (DPP).

A similar hearing against Anglo's former chairman Sean FitzPatrick was already adjourned by the Chartered Accountants Regulatory Board (Carb).

The hearings were due to be centred on secret loans to former bank directors, the movement of more than seven billion euro between Anglo and IL&P to boost Anglo's year-end accounts, and a 451 million euro loan-for-shares scheme involving a golden circle of 10 mystery investors.

Carb said the disciplinary tribunals were due to start in April after a prima facie case against each member was established last year.

"However, following a request from the DPP, Carb has now decided to adjourn its disciplinary process," it said in a statement.

"The DPP expressed his concern that the holding of public hearings and the publication of findings might prejudice future criminal proceedings in the event that a prosecution is directed against any party arising from the investigations of An Garda Siochana and the Office of the Director of Corporate Enforcement."

Meanwhile, the DPP is examining more than 8,500 pages of documents on alleged irregularities at Anglo by the corporate watchdog.

Paul Appleby, the director of corporate enforcement, said the second file, sent to the DPP as late as last week, contained 8,000 pages on Anglo's provision of loans to various parties to enable them to purchase Anglo shares in 2008. Accounts Regulatory Board)


From Belfast Telegraph