Jury in Anglo trial to resume deliberations on Monday

Earlier court told everybody was ‘gloriously happy’ with deal to unwind Quinn stake in the bank

Fri, Apr 11, 2014, 17:52

The jury in the trial of three former directors of Anglo Irish Bank will resume deliberations on Monday.

Judge Martin Nolan told them today it did not matter whether the three accused believed the share purchase scheme at the centre of the case was legal or illegal. The attitude of the financial regulator to it or his actions were also totally irrelevant, as was the involvement of investment banker’s Morgan Stanley.

Seán FitzPatrick (65) of Greystones, Co Wicklow; William McAteer (63) of Rathgar, Dublin; and Pat Whelan (51) of Malahide, Dublin, are charged with 10 counts of providing unlawful financial assistance to 10 individuals, the Maple 10, in July 2008 to buy shares in the bank, contrary to Section 60 of the Companies Act.

Mr McAteer and Mr Whelan are also charged with six counts of providing unlawful financial assistance to six members of the Quinn family.

The three men have pleaded not guilty to all charges.

The deal involved unwinding Mr Quinn’s holding in Anglo in July 2008, with businessmen known as the Maple 10 borrowing €45 million each to buy the shares underlying it and members of the Quinn family borrowing €170 million to buy shares.

Judge Nolan told the jury they had to decide if there had been lending in the case and if there was lending if it was in “the ordinary course of business”.

If it was not, they had to decide if all three men knew about the scheme and if they did know, did they take steps to stop it.

“You must decide if any of these three men are criminally culpable,” he said.

Before the jury retired, the registrar of the court carried out a lottery drawing the names of the 12 jurors who would consider the verdict from a drum.

There were 14 members on the jury, with the additional jurors having been sworn in because of the length of the trial.

The judge thanked the two jurors who were not chosen to consider the verdict and said he was sorry to see them go. He exempted them from service for 10 years.

He told the jury they would be given a voluminous amount of exhibits and they should go through them and examine them.

The jury retired at 3.12pm.

Earlier the court was told “everybody was gloriously happy” with the deal to unwind businessman Sean Quinn’s holding in Anglo Irish Bank until “the climate changed” counsel for former chairman of the bank Sean FitzPatrick told a jury at the Dublin Circuit Criminal Court this morning.