Anglo and IL&P bosses to learn if they face disciplinary action

Bank, meanwhile, launches legal action against former director and chief operating officer Tiarnan O'Mahoney

Ian Guider and Neil Callanan

Happier times (from left): Tiarnan O'Mahoney, Sean Fitzpatrick and Willie McAteer

Former Anglo Irish Bank and Irish Life & Permanent executives will find out this week if they will face a full disciplinary inquiry by the Chartered Accountants Regulatory Board (Carb).

The four executives: former Anglo bosses Sean FitzPatrick, David Drumm and Willie McAteer and IL&P's ex-finance director Peter Fitzpatrick have been under scrutiny by Carb's special investigator, former comptroller & auditor general John Purcell, for nearly two years. He is investigating Sean FitzPatrick's concealment of his personal bank loans, the deposit-switching transaction between Anglo and IL&P and events surrounding the putting-together of the so-called "Maple 10" – the Anglo clients who bought some of Sean Quinn's stake in the bank.

Purcell is understood to have submitted his report to the Carb disciplinary committee in the last few days. If he finds initial evidence of wrongdoing by the former executives they can be called to a public disciplinary hearing by the regulatory body. Carb has the power to ban them from practising as accountants and auditors if they are found to have breached its rules. Copies of his reports are being circulated to the four bankers.

Purcell is also examining the performance of Anglo Irish's former auditors Ernst & Young and that report will be submitted to Carb early in the new year. It is understood the inquiry, which has cost about €1m, has interviewed about 40 people under oath.

Meanwhile, Anglo Irish Bank has launched legal proceedings against former chief operating officer Tiarnan O'Mahoney. The bank lodged the proceedings on 28 October and has hired solicitors Arthur Cox to represent it. Maples & Calder is acting for O'Mahoney. The former bank director did not return a call seeking comment. The bank and Maples & Calder declined to comment.

Separately, the Director of Public Prosecutions was last week forwarded two garda files relating to the investigation into Anglo Irish. The largest file relates to the loan arrangements between the bank and Irish Life & Permanent while the second file relates to the so-called Maple 10. Corporate enforcer Paul Appleby will also forward a file on the Maple 10 to the DPP.

December 19, 2010

Comments

#1 Fred simpson commented, on December 19, 2010 at 7:19 p.m.:

These poor unfortunates have been persecuted to unbelievable levels....give them an amnesty...go on...make them more off...go on...they are all fine fellows....the pillars of society...we can be more tolerant of of these great people.

Alright, I am being cynical. Bring back the rope....

#2 Gerry Byrne commented, on December 20, 2010 at 3:04 a.m.:

It remains to be seen if these geniuses will spend even one night behind bars,I doubt it.

#3 Jaker commented, on December 20, 2010 at 10:03 p.m.:

After watching Rte's "Prime Time's" shocking revelations tonight Monday. NAMA should be audited by outside interests. Brian Lenihan should resign & all the developers reported wives should return everything their developers husbands signed into their names with interest even the bloody helicopter one of them was swanning around to the races in. It's a shocking legacy of this defunct government that we have these greedy developers still gobbling up the peoples ire & money. It's time NAMA was bought to book & the bloody books thrown at them. What a pure shower of "Wasters" in there, too!

#4 Hope commented, on December 21, 2010 at 12:30 a.m.:

they are all in it together, builders, bankers, nama, Lenihan it seems doesn't know his arse from his elbow. Fine group of advisers he has, these builders have shafted anyone & everyone along the way, & this chappie in nama tries to convey to the reporter that they, nama are winning, any rogue transferring his illegal haul to his wife should be placed in prison. This chappie at nama knows the score, this is nonsense, a fine lot of hobos we have here. Enough is enough, we need to form an army, maybe SF are coming in at the right time, This bunch of parasites at Leinster House have called up all the gardai, & placed on reserve, to hammer us to hell, should we consider demonstrating. What a spineless lot, all those big time thieves lording it up, at the races, big houses, thieves & rogues trying to look important, & did I get a shock when who popped up, but yer man bertie, giving & receiving favours, am more surprised that the cad in the feeners wasn't on a helicopter, she telling us we are a strong people, while she lives off us. Roll on election day, & lets demand that, the IMF, ECB, &UK, abolish NAMA, seek to redress the wrongs done by this government, & refuse to pay pensions or lump sums to those thieves.

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