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Jury continue their deliberations in criminal trial against former Anglo Irish Bank executives

Monday, 14th April, 2014 12:36pm
Jury continue their deliberations in criminal trial against former Anglo Irish Bank executives

Fiona Ferguson and Conor Gallagher      

The jury have resumed their deliberations following the weekend in the trial of three former Anglo Irish Bank executives accused of illegally lending money to buy shares in the bank.

After over ten weeks of evidence and 53 witnesses, thejurors spent 50 minutes on Friday afternoon considering a verdict before being sent home by Judge Martin Nolan.

This morning (Monday) Judge Nolan greeted the jury and asked them to resume their deliberations.

Former Anglo chairman Sean FitzPatrick and ex-directors William McAteer and Pat Whelan, are charged at Dublin Circuit Criminal Court with breaching Section 60 of the Companies Act 1963 by lending money to investors to buy shares in Anglo.

Mr Whelan (51) of Malahide, Dublin and Mr McAteer (63) of Rathgar, Dublin are accused of 16 counts of providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in the bank. The 16 individuals are six members of the Quinn family and the Maple Ten group of investors.

Mr FitzPatrick (65) of Greystones, Co Wicklow, is charged with ten counts of loaning money to the Maple Ten.

All three have denied the charges. The jury has already been ordered to acquit Mr Whelan and Mr FitzPatrick of a series of related counts.

The Maple Ten deal was designed to unwind the 29.4 per cent control of the bank which businessman Sean Quinn had built up through investment tools known as Contracts for Difference (CFDs).

The ten investors were loaned a total of €450 million by Anglo to buy around 10 per cent of the shares which Mr Quinn controlled. Mr Quinn’s wife and five children were also loaned €169 million to buy nearly 15 per cent of the stock.

For the first time an enlarged jury of 15 was selected to hear the case due to its length. At the conclusion of the trial 12 jurors were randomly selected to consider verdicts while two were thanked and excused. A 15th juror was excused several weeks ago for personal reasons.

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