David Drumm due in court for sentencing over role in "Maple 10" share purchase
The sentencing of Anglo Irish Bank CEO David Drumm for his role in an illegal scheme to prop up the bank's share prices is set to get underway shortly this morning.
Drumm (51) of Skerries, Co Dublin was transferred to Dublin Circuit Criminal Court this morning from Mountjoy Prison, where he is currently serving the six-year sentence imposed last month for conspiracy to defraud and false accounting.
Last month he pleaded guilty to ten counts of authorising or permitting Anglo Irish Bank to give unlawful financial assistance for the purchase of bank shares to the so-called "Maple 10" group of developers and businessmen between 10 and 17 July, 2008.
The named businessmen were Brian O'Farrell, Gerard Conlon, Gerard Gannon, Gerard Maguire, John McCabe, Joseph O'Reilly, Patrick Kearney, Patrick McKillan, Seamus Ross and Sean Reilly.
The loans were part of a scheme designed to unwind a secret 25pc stake the Cavan businessman Sean Quinn had built up in the bank using financial instruments called contracts for difference.
Mr Drumm had been due to face trial in October but lawyers for the State have indicated an intention to withdraw the remaining 21 charges listed on the indictment.
This decision means that his trial, which was scheduled for October, will not go ahead and there are no further criminal proceedings pending against former directors or employees of Anglo Irish Bank.
Six of the charges to be dropped relate to allegations that Drumm had authorised or permitted Anglo to give illegal loans for the purpose of buying bank shares to the wife and five children of former billionaire businessman Seán Quinn.
A further 14 charges that no longer apply alleged that Drumm used false instruments and falsified documents regarding letters about the illegal share support scheme to Messrs O'Farrell, McKillan, Maguire, Kearney, O'Reilly, Ross and Reilly.
The final charge to be withdrawn accused Drumm of breaching an EU transparency directive on May 7, 2008 by publishing an interim management report that failed to disclose Anglo's substantial exposure to a large Contracts for Difference position built up by Seán Quinn.
Drumm was jailed last month after a jury returned unanimous verdicts of guilty on charges of false accounting and conspiring to carry out a €7.2bn fraud in 2008. The conviction followed an 87-day trial.
