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Sean Quinn To Give Evidence At...

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Sean Quinn To Give Evidence At Anglo Trial

98FM
98FM

07:39 7 Feb 2014


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The Anglo trial is due to hear from former billionaire Sean Quinn today.

The bankrupt businessman has been called to give evidence in the trial of three former directors accused of providing unlawful loans in July 2008.

Yesterday, the trial heard how Sean Quinn amassed a 24 per cent stake in Anglo through a high risk financial product.

Anglo's share price began to drop in late 2007 and by St. Patrick's Day 2008, Mr. Quinn was under "extreme" pressure to pay for enormous losses.

Details of a sequence of meetings between Mr. Quinn, Anglo's former CEO David Drumm and former chairman Sean Fitzpatrick were also laid out.

At one such meeting, the court heard a plan was proposed whereby 10 per cent of Mr. Quinn's stake would be sold to ten new investors and six of his family members would be given loans to buy the remaining shares outright.

The prosecution believes these 16 loans were "unlawful" and that's why Mr. Fitzpatrick and former directors Willie McAteer and Pat Whelan are on trial.

A huge media presence is due to attend court again today to hear what Sean Quinn, once Ireland's richest man, has to say from the stand.

 


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