Irish Independent

Drumm guilty

■ Ex-Anglo boss faces 10 years’ jail over €7bn ‘con’ ■ Banker gets bail on ‘humanitari­an grounds’ ■ Former CEO returns for sentencing in two weeks

- Andrew Phelan

ANGLO Irish Bank’s disgraced former chief executive David Drumm is facing up to 10 years in prison on one charge, and unlimited potential jail time on another, for taking part in a massive €7.2bn “con” on the markets.

Drumm was convicted of conspiracy to defraud and false accounting by unanimous verdict of a jury, after one of the longest-running criminal trials in the history of the State.

Judge Karen O’Connor remanded him on bail for sentencing on a date later this month, after his defence made a bail applicatio­n on “humanitari­an” grounds.

Gardaí had objected, saying they considered Drumm a “flight risk”.

Drumm left the Criminal Courts of Justice to a media scrum, but will return for sentencing on June 20.

The 51-year-old had pleaded not guilty to conspiring to defraud by dishonestl­y creating the impression that Anglo’s customer deposits were €7.2bn larger than they really were during the financial crisis in September 2008.

Drumm had also denied false accounting, by providing misleading informatio­n to the market. The jury reached its verdicts after 10 hours.

ANGLO Irish Bank’s disgraced former chief executive David Drumm is facing up to 10 years in prison on one charge, and unlimited potential jail time on another, after he was found guilty of taking part in a massive €7.2bn “con” on the markets.

Drumm was convicted of conspiracy to defraud and false accounting by unanimous verdict of a jury, after one of the longest-running criminal trials in the history of the State.

He stared impassivel­y at the jury as the verdict was read out following an 87-day trial at Dublin Circuit Criminal Court.

Judge Karen O’Connor remanded him on bail for sentencing on a date later this month, after his defence made a bail applicatio­n on “humanitari­an” grounds. Gardaí had objected, saying they considered Drumm a “flight risk”.

The jury reached its verdicts after deliberati­ng for 10 hours and 32 minutes.

Drumm left the Criminal Courts of Justice to a media scrum, but will return for sentencing on June 20.

He did not respond to questions as he made his way to a waiting people-carrier with blacked-out windows.

Drumm (51) had pleaded not guilty to conspiring to defraud by dishonestl­y creating the impression that Anglo’s customer deposits were €7.2bn larger than they really were during the financial crisis in September 2008. He conspired with Anglo’s former finance director Willie McAteer and head of capital markets John Bowe, as well as Irish Life and Permanent’s (ILP) then-CEO Denis Casey, and others.

The case centred on a series of interbank deposits which circulated between Anglo and ILP.

Drumm had also denied false accounting, by providing misleading informatio­n to the market.

At 3.12pm yesterday, the jurors filed back into the courtroom and the forewoman handed the court registrar the issue paper.

“You say the accused, David Drumm, is guilty on count number one,” the registrar said, and the forewoman confirmed that this was unanimous.

The verdict on the second count was the same.

Drumm, dressed in a black suit with an open-necked blue shirt, remained seated and looked at the jury as the verdicts were read out.

He showed no emotion and looked down at one point, folding and unfolding his arms.

Judge O’Connor thanked the jurors and excused them from further jury service for life.

Prosecutor Paul O’Higgins said the State was ready to call evidence for sentencing.

Detective Sergeant Michael

Drumm conspired with Anglo’s Willie McAteer and John Bowe, as well as IL&P’s then chief executive Denis Casey and others

McKenna gave evidence of his objections to Drumm being allowed to remain on bail pending a sentencing hearing.

He said Drumm had enjoyed a presumptio­n of innocence during the trial but had now been found guilty of two serious offences.

He had been under strict bail conditions since he was arrested in March 2016, having been extradited from the US.

Drumm was “acutely aware” that the individual­s whom he had been found guilty of conspiring with “have received substantia­l terms of imprisonme­nt” for their roles, Det Sergeant McKenna said.

“I firmly believe he poses a serious flight risk,” he added.

Drumm was in custody in the US for a number of months but “did ultimately agree to come back,” he said.

Indulgence

It was a significan­t fact that Drumm had consented to return to this jurisdicti­on, Brendan Grehan SC, defending, said. He had now been here for over two years and had abided by bail conditions at all times.

His wife had returned here from Boston in that time, but was now back in the US at the graduation of one of their children.

Mr Grehan said Drumm also needed to access documents before sentencing.

He was seeking “the indulgence” of the court for two weeks, Mr Grehan said.

Because Drumm had previously adhered to his bail conditions, Judge O’Connor remanded him on bail to June 20.

Conditions are that he signs on daily at Balbriggan garda station, does not apply for a new passport, and is contactabl­e by phone at all times.

Outside court, Detective Superinten­dent Gerard Walsh of the Garda National Economic Crime Bureau (GNECB) said the verdict emphasised the need to conduct business “with honesty and integrity”.

 ??  ?? Detective Superinten­dent Gerard Walsh outside court
Detective Superinten­dent Gerard Walsh outside court

Newspapers in English

Newspapers from Ireland