Monday, August 11 13:17:51
Two former top executives of the now defunct Anglo Irish Bank have been arrested on charges of allegedly defrauding the bank of E8m in alleged fake loans.
Willie McAteer (63) and Patrick Whelan (53), both former directors of the bank, were this morning both charged with one count each of breaching the Companies Act at their former bank which is now in liquidation.
They were arrested by arrangement this morning and brought before Dublin District Court.
They are charged with one count each of breaching the Companies Act. Judge John O'Neill granted bail before adjourning the case. A book of evidence will now be prepared.
Mr McAteer has an address of Green Rath, Tipperary Town while Mr Whelan has an address at Coast Road, Malahide, Co Dublin.
The charge against Mr McAteer is that he was knowingly party to the carrying out of the business of a company for a fraudulent purpose.
This was the granting of a loan by Anglo Irish Bank to him of E8.24 million on the day before the bank guarantee on September 29th, 2008.
It was secured at the time only upon his own shares in Anglo Irish Bank.
This loan was to allow him payoff a loan to Bank of Ireland for that amount for which he was personally liable.
The charge alleges that Mr McAteer gained from this at a loss to his bank.
The charge against Mr Whelan, who was a senior executive in Anglo at the time this loan was granted, is that he was a party to the granting of this loan.
For more visit: www.businessworld.ie