Court restrains former banker's assets

A former employee of the Bank of Ireland was yesterday restrained by a High Court order from disposing of any of his assets below…

A former employee of the Bank of Ireland was yesterday restrained by a High Court order from disposing of any of his assets below £

500,000. The bank claims that Mr Sean Kavanagh, Kilree Lane,

Bagenalstown, Co Carlow, a senior bank official of its branch at

Bagenalstown, Co Carlow, had been engaged in a significant volume of fraudulent transactions.

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Mr Michael McDowell SC for the Bank of Ireland said that while the ultimate figure involved was not currently quantifiable, it was believed it could well run to as high as £1 million.

Mr Justice Geoghegan, after hearing the ex-parte application by the bank, granted it an interim injunction until next Monday preventing Mr Kavanagh from disposing of any of his assets below

£500,000.

Mr McDowell said that on or about June 30th last Mr Kavanagh commenced two week's annual leave. During his absence two customers called to the branch to effect transactions. Accounts records produced by them could not be reconciled with the bank records.

Mr McDowell said he was advised that Mr Kavanagh was called upstairs by the branch manager when he returned from leave on July

14th. Mr Kavanagh agreed to attend at the office upstairs but suddenly ran from the premises and drove away.

Mr Kavanagh's solicitor subsequently met the bank's branch manager and allegedly told the manager that his client understood that he would be dismissed and did not wish to go through the bank's disciplinary procedure.

Mr McDowell said that during the conversation the solicitor allegedly indicated that his client had been "teeming and lading"

accounts. He indicated that about 40 customers and thousands of transactions were involved, which had taken over three years. The solicitor further indicated there were people with deposit books showing balances which were not reflected in the bank's books and accounts.

A most worrying feature, said Mr McDowell, was that a number of elderly people had bank accounts books showing substantial amounts of money when there was no money in their accounts.

Mr McDowell said that while the whereabouts of Mr Kavanagh was not known it was believed he was still in the jurisdiction. He believed there was a great danger he would dissipate the assets if he had them. It might well be that some of the money had gone out of the

State. Mr Justice Geoghegan, said be believed that the bank had made a strong case for granting the order.