Former Anglo Irish bank bosses face court over share dealings
ANGLO Irish bank’s ex-chairman and two other bosses are appearing in court in Dublin today over claims they helped some investors buy shares during the credit crunch.
It is alleged that former chairman Sean Fitzpatrick, ex-finance director William McAteer and then-managing director Patrick Whelan illegally loaned money to favoured clients so they could buy more shares and prop up the market price of the bank as it got into difficulties in July 2008.
Shortly after, the bank collapsed as the country’s housing bubble burst. The lender was nationalised at the start of 2009.
The three former executives deny all the charges and are pleading not guilty. The trial is expected to last up to 12 weeks.