Anglo trial: Quinn 'paid high price' for investing in bank

Anglo trial: Quinn 'paid high price' for investing in bank
Former Quinn Group CEO, Liam McCaffrey.

A court has heard that businessman Sean Quinn "paid a very high price" for investing in Anglo Irish Bank.

The businessman will begin his evidence at the trial of former Anglo executives Willie McAteer, Pat Whelan and Sean FitzPatrick on Monday.

The trial of three former Anglo Irish Bank executives has heard businessman Sean Quinn lost

at least €2.4bn taking a punt on the bank's stock.

Former Quinn group CEO Liam McCaffrey has told the jury that his boss "paid a very high price for investing in that bank".

As part of efforts to dilute Sean Quinn's 25% stake in Anglo, Willie McAteer, Sean FitzPatrick and Pat Whelan, are accused of providing unlawful financial assistance to the Quinn family and to a group called the Maple ten to buy the bank's shares in July 2008.

The prosecution claim this was done to give the appearance of stability in the bank's share price

The jury has been shown a letter from Mr Quinn to Anglo complaining that he had been forced to unwind his large stake in the bank regardless of the share price, which was at a five-year low.

In the letter, he said he believed the Quinn Group had been treated unfairly and he accused the bank of behaving aggressively.

Sean Quinn will begin his evidence on Monday morning.

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