Anglo trial to examine €15m Quinn loan

Anglo trial to examine €15m Quinn loan

The Anglo trial will examine a €15m loan given to Sean Quinn Junior to buy shares in the former bank when it resumes hearing evidence today.

Anglo's former chairman Sean Fitzpatrick and former directors Pat Whelan and Willie McAteer deny providing unlawful loans in July 2008.

Most of yesterday's evidence was given by Ireland's one-time richest man, Sean Quinn.

The bankrupt businessman told the court how he amassed a 29% stake in Anglo through high-risk "contracts for difference".

He said he got into financial trouble after Anglo's share price started to nosedive towards the end of 2007.

After St Patrick's Day 2008, he was paying back hundreds of millions of euro to his broker. By the time his stake was unwound in July 2008, he said his company had lost €3.2bn.

His son, Sean Quinn Junior, also took the stand yesterday.

He said Anglo gave him a loan of €15m to unwind a portion of his father's shareholding.

This loan is one of 16 at the heart of the prosecution's case against the three former directors and will be looked at in more detail when the trial resumes later today.

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