Drumm brother told to repay €167k

A brother of former Anglo Irish Bank CEO David Drumm has been ordered to repay €167,843 to Anglo over default on loans and on hire purchase agreements on vehicles including a 2005 BMW X5r and a Mercedes.

However, a dispute over Ken Drumm’s liability for another sum of €51,733, arising from a loan for €50,000 made in 2008 and used to buy shares in Anglo, was sent to a full hearing. Mr Justice Daniel Herbert ruled Mr Drumm had an arguable defence on grounds Anglo, despite having “total control” over its share price, stood by while the shares fell to a zero value.

It was arguable, in choosing the time of sale of shares, a mortgagee must exercise a reasonable duty of care, the judge said.