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.
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....