Former head of Anglo Irish Bank arrested for financial frauds

Viliyana Filipova — Sat, 20 Mar 2010 03:22:15 +0000

The former chairman of the Anglo Irish Bank has been arrested and questioned by local police for alleged financial irregularities. Sean Fitzpatrick has left his post in December 2008 after admitting it concealed personal loans for millions of euros from the bank. He had hidden data on loans from shareholders of the bank as a temporary transfer them to another bank before the period at the end of each year, not to declare them in balance. Last year, Anglo Irish Bank reported the largest loss in corporate history of Ireland – 4,1 billion for the six months to March. Expected results that are soon to announce the bank for the last reporting period, are worse. The Bank was one of the “stars” of business in Ireland during the prime real estate in the country, lends billions of euros for projects of entrepreneurs in Ireland and Britain. In 2009, however, it was nationalized because they were threatening to declare bankruptcy. Besides the hidden loans with the bank and other related scandals, including alleged scheme to support the artificial price of its shares and the entry of a huge loan from another bank as a deposit to a customer.
Last week, Fitzpatrick said the leadership of the bank that can not pay still owed 70 million loans, with the result that the bank has brought the case against him.

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Former head of Anglo Irish Bank arrested for financial frauds