Anglo Irish Bank withholds files from fraud investigators

Anglo Irish Bank will not hand over certain files sought by investigators probing the loans and deposits controversy, after claiming they were legally privileged, it emerged today.

Anglo Irish Bank will not hand over certain files sought by investigators probing the loans and deposits controversy, after claiming they were legally privileged, it emerged today.

Fraud bureau detectives moved into the bank’s St Stephen’s Green headquarters in Dublin last night to seize computer records that had been quarantined – or “brown-bagged” – since an earlier raid in February.

The Director of Corporate Enforcement, Paul Appleby, who is leading the inquiry, agreed to call in a retired judge to adjudicate on the handover of electronic files.

Bosses at the now-nationalised bank insisted some should remain under wraps and after seven months of negotiations a deal was reached that allowed certain records to be kept secret.

Mr Appleby’s office insisted they would not be hamstrung without the “small amount” of material, which relates specifically to the key areas being investigated.

“I don’t think we feel handicapped, it’s a small element of the overall volume,” said a spokesman.

The investigation into Anglo is focused on the controversial loan of €451m to a “golden circle” of investors to buy shares owned by businessman Sean Quinn, the movement of €7.45bn in deposits between Anglo Irish and Irish Life & Permanent to bolster Anglo’s books and loans of more than €106m to disgraced former chairman Sean FitzPatrick.

Garda fraud detectives and corporate investigators removed a “huge” amount of hard copy files and documents from Anglo’s headquarters earlier this year.

The computer files seized last night were naturally much bigger, according to Mr Appleby’s office.

A deal was reached between the bank and the corporate director’s office to “brown-bag” all the computer files to allow bank chiefs to effectively appeal their disclosure.

A spokesman for Mr Appleby’s office said some material was adjudicated “as fitting within the legal professional privilege, off-limits rule”.

“It is not a major amount,” he added.

Meanwhile, Environment Minister John Gormley said Mr FitzPatrick will be pursued for every penny he owes after reports the ex-chairman could not pay the almost €400,000 a month interest on his massive borrowings.

“Frankly there should be no preferential treatment for Sean Fitzpatrick,” he said.

“He will be pursued for every penny and I’m very confident that the Minister for Finance will do that. He will not spare Mr Fitzpatrick and I don’t think the Irish people would accept that.”

Mr FitzPatrick, who resigned last December in a controversy over loans to directors, used his borrowings to invest in his pension, film projects, property developments, an oil project and for buying shares in the bank, which are now worthless.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

Irish homelessness Government criticised for missing social and affordable housing targets
National Risk Assessment for Ireland Tánaiste urges Israel ‘to show humanity’ and allow more aid into Gaza
Lego set based on RNLI lifeboat could soon become a reality Lego set based on RNLI lifeboat could soon become a reality
War_map
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited