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240 hours community for Anglo duo

Thursday, July 31 10:45:35

Two former directors of Anglo Irish Bank - William McAteer and Pat Whelan were sentenced to 240 hours community service each this morning.

It is not yet known exactly what that community service will entail but it must be completed over the course of the next year.

They were convicted earlier this year of providing unlawful loans to the so-called Maple 10 to buy shares in the bank.

In April Dublin Circuit Criminal Court Judge Martin Nolan adjourned the sentencing of the bank's former director of finance McAteer and its former head of Irish lending Whelan for an assessment by the probation service for their suitability for community service.

He said it would be unjust to jail the two men given "a State agency had led them into error and illegality".

The men have been barred from acting as company directors for five years.

McAteer (63), of Rathgar, Dublin and Whelan (52), of Malahide, Dublin, were found guilty earlier in April of providing unlawful loans to businessmen known as the Maple 10 in July 2008 to buy shares in the bank, contrary to section 60 of the Companies Act.

The two men were found not guilty of six counts of providing unlawful financial assistance to six members of the Quinn family.

Former chairman of the bank Sean FitzPatrick (65), of Greystones, Co Wicklow, was acquitted of the same allegations brought against him.

For more visit: www.businessworld.ie