Prosecution evidence against former directors of Anglo Irish Bank concludes

Aoife Quinn had no dealings with bank when she signed for loan to buy shares, court hears

Aoife Quinn, a daughter of bankrupt businessman Seán Quinn, whose statement was read into the record. In it she said she was not aware of the role of the so-called Maple 10 in relation to the unwinding of the CFD position that her father had built up in Anglo. Photograph: Eric Luke/The Irish Times

Aoife Quinn, a daughter of bankrupt businessman Seán Quinn, whose statement was read into the record. In it she said she was not aware of the role of the so-called Maple 10 in relation to the unwinding of the CFD position that her father had built up in Anglo. Photograph: Eric Luke/The Irish Times

Fri, Apr 4, 2014, 19:15


The prosecution’s evidence in a case against three former directors of Anglo Irish Bank concluded yesterday. Úna Ní Raifeartaigh SC, prosecuting, told the jury yesterday that they would not be calling any further witnesses.

A statement by Aoife Quinn, a daughter of businessman Seán Quinn, was the last evidence opened to the court. It was read into the record by Diana Stuart, prosecuting, with the agreement of the defence, the jury was told.

In the statement, Ms Quinn said she was aware that Anglo had made a loan of €10 million to her for the purchase of shares in the bank in July 2008. She said she had no dealings with the bank in relation to the loan and no dealings with Morgan Stanley, the investment bankers handling the deal to unwind her father’s holding in Anglo. She also said she was not aware of the background to the loan and had no contact with solicitors or with the Financial Regulator’s office.

In her statement, Ms Quinn said she was not aware of the role of the so-called Maple 10 in relation to the unwinding of the contracts for difference (CFDs) – investment products based on share value – position that her father had built up in Anglo. She accepted that her signature was on the documents related to the loan. “As a shareholder of the Quinn Group, I routinely signed documents relating to affairs of the company or pertaining to me as a shareholder on the request of company executives. This occasion was no different,” Ms Quinn added.

Seán FitzPatrick (65), Greystones, Co Wicklow; William McAteer (63), Rathgar, Dublin, and Pat Whelan (51), Malahide, Dublin, are charged with 16 counts of providing unlawful financial assistance in July 2008 to buy shares in the bank, contrary to section 60 of the Companies Act. Mr Whelan is also charged with being privy to the fraudulent alteration of loan facility letters to seven individuals. The have pleaded not guilty to the charges.

The loans were given as part of a deal to unwind Mr Quinn’s CFDs in Anglo, which by July 2008 involved more than 28 per cent of the bank’s shares. The jury had heard the CFDs were a cause of concern for the bank. Businessmen known as the Maple 10 borrowed €45 million each from Anglo to buy 1 per of the bank’s shares each as part of the unwinding process. The Quinn family were loaned €170 million to buy almost 15 per cent of the shares.

The court heard the unwinding deal was carried out in the week of July 14th, 2008.

Judge Martin Nolan said yesterday he would have to consider a number of applications in relation to the evidence. He told jurors they would be needed again on either Monday or Tuesday of next week. The trial had been expected to last until the end of May.