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First Witness In Anglo Trial

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First Witness In Anglo Trial

98FM
98FM

07:31 6 Feb 2014


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The Anglo trial is due to hear from its first witness today.

Former chairman Sean Fitzpatrick and former directors Willie McAteer and Pat Whelan are accused of providing unlawful loans to prop up the bank's share price.

The general parameters of the prosecution's case against the three former bankers was laid out for the jury yesterday.

The trio are accused of providing unlawful loans to a total of 16 people during a period of 20 days in July 2008.

It's alleged the loans were part of a scheme devised after management became aware that Sean Quinn had amassed a huge stake in the company.

The court heard he did so through "Contracts for Difference" or CFDs - a risky financial instrument that allows investors to discreetly buy shares.

Lawyers for the DPP claim loans totalling €625m, were given to 10 clients and six members of the Quinn family to unwind the Quinn's position.

The jury of eight women and seven men is due to hear from its first witness today.

 


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