Garda fraud squad arrest former Anglo chairman
18/03/2010 - 10:38:20Sean Fitzpatrick - former chairman and chief executive of the now-nationalised Anglo Irish Bank - has been arrested at his home in Greystones, Co Wicklow, after an early morning raid.
He can be held for 12 hours.
Officers from the Garda Bureau of Fraud Investigation searched the premises as part of a continuing operation into alleged financial irregularities.
“He is being detained under the provisions of Section 4 of the Criminal Justice Act 1984 as amended at Bray garda station,” a garda spokesman said.
The ex-banker stepped down in December 2008 when it emerged he had loans worth €87m with the institution.
Over a period of eight years up to 2007, Mr Fitzpatrick temporarily transferred loans with Anglo Irish Bank to another bank before the annual report was audited.
It later emerged that the loan reached as much as €129m at one point in 2007.
The Financial Regulator called on the Garda Bureau of Fraud Investigation to investigate the bank last year.
Finance Minister Brian Lenihan said: “I have always stated that there is an extensive Garda investigation under way. I have been cautious not to prejudice that investigation and am eager to see justice take its course.”
Earlier this month Anglo Irish Bank began legal action against Mr Fitzpatrick to try and recover loans of €70m.
Former finance minister Alan Dukes, incoming head of state-run Anglo Irish Bank, said the court case would be treated in the same way as any other debt.
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