Anglo trial sees emails praising bank's CEO on work with Maple Ten

Gary McGann.

The Anglo trial has been shown emails praising the "fantastic work" of the bank's former CEO David Drumm in trying to place the bank's shares with the Maple Ten.

Former Anglo executives Willie McAteer, Pat Whelan and Sean FitzPatrick deny providing unlawful financial assistance to 16 individuals, including the Maple Ten, to buy Anglo shares in July 2008.

Gary McGann is the Chief Executive of Smurfit Kappa, but he was once a non-executive director at Anglo Irish Bank.

The jury has been shown a series of emails the former board member wrote in July 2008 praising the bank's former CEO David Drumm's efforts in wooing the Maple Ten to invest in Anglo.

The aim of the deal was to dilute the 29% stake that Sean Quinn had secretly built up in Anglo over concerns it was destabilising the share price.

Mr McGann does not recall being told the bank was funding the share transaction.

Asked by the prosecution what he meant in his emails to Mr Drumm when he wrote of "a worst case scenario" and of the "need to have a credible explanation" for how they had got where they were, he replied that shareholders and possibly others would have to be briefed.

He told the jury "total disclosure is always challenging in my view".


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