Anglo Irish chases ex-CEO

STATE-OWNED Anglo Irish Bank has launched legal action against the bank&rsquo;s former chief executive David Drumm in an attempt to recover unpaid loans of &euro;8m (&pound;7.2m).<br /><br />A separate action seeks to overturn the transfer of a Dublin property into his wife&rsquo;s name.<br /><br />The transfer of ownership of the home on a luxury estate means that the banks is unable to move for repossession even though Drumm used it as security on his loans.<br /><br />Anglo lodged legal claims at the Four Courts in Dublin yesterday.<br /><br />Drumm resigned as chief executive of Anglo last December after it emerged that the bank had concealed loans of up to &euro;122m to its former chairman Sean FitzPatrick over eight years.<br /><br />It is understood some of Drumm&rsquo;s loans were secured on Anglo shares which became worthless when the bank was taken into state ownership.