The trial of former Anglo Irish Bank chairman Sean FitzPatrick for allegedly misleading auditors about multi-million euro loans is significantly overrunning, a judge has said.
A jury at Dublin Circuit Criminal Court heard earlier this month that loans taken out by Mr FitzPatrick, his wife and family members increased from in the region of €10 million in 2002 to around €100 million in 2007.
The State’s case is that the amount of these loans was “artificially reduced” for a period of two weeks around the bank’s financial end of year statement by short term loans from other sources, including Irish Nationwide Building Society and that these loans were not disclosed to the bank’s auditors Ernst & Young, allegedly contrary to the 1990 Companies Act.
there is more