Anglo Irish chases ex-CEO
STATE-OWNED Anglo Irish Bank has launched legal action against the bank’s former chief executive David Drumm in an attempt to recover unpaid loans of €8m (£7.2m).
A separate action seeks to overturn the transfer of a Dublin property into his wife’s name.
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.
Anglo lodged legal claims at the Four Courts in Dublin yesterday.
Drumm resigned as chief executive of Anglo last December after it emerged that the bank had concealed loans of up to €122m to its former chairman Sean FitzPatrick over eight years.
It is understood some of Drumm’s loans were secured on Anglo shares which became worthless when the bank was taken into state ownership.