Prosecution evidence concludes in trial of Anglo directors

Aoife Quinn unaware of background to loan for purchase of Anglo shares, court hears

Aoife  Quinn said in a statement 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.  File photograph: Collins Courts

Aoife Quinn said in a statement 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. File photograph: Collins Courts

Fri, Apr 4, 2014, 12:22

The prosecution’s evidence in a case against three former directors of Anglo Irish Bank has concluded this morning.

Úna Ní Raifeartaigh SC, for the prosecution, told the jury of seven men and seven women that they would not be calling any further witnesses.

The evidence concluded with barrister Diana Stuart reading a statement of Aoife Quinn, daughter of businessman Sean Quinn, into the record. The statement was read with the agreement of the defence, the jury was told.

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, in connection with the purchase of the shares.

She said she was not aware of the background to the loan and had no contact with solicitors, adding she had no contact with the Financial Regulator’s office.

In her statement, Ms Quinn added she was not aware of the role of the so-called “Maple 10” in relation to the unwinding of the contracts for difference (CFDs) position that her father had built up in Anglo.

“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,” Ms Quinn said. “This occasion was no different.”

Seán FitzPatrick (65) of Greystones, Co Wicklow; William McAteer (63) of Rathgar, Dublin; and Pat Whelan (51) of Malahide, Dublin, have been charged with 16 counts of providing unlawful financial assistance to 16 individuals in July 2008 to buy shares in the bank, contrary to section 60 of the Companies Act.

Mr Whelan has also been charged with being privy to the fraudulent alteration of loan facility letters to seven individuals. All three men have pleaded not guilty to the charges.

The deal involved the unwinding of Mr Quinn’s CFDs – investment products based on share value – 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.

The 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 to be 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 this morning 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.