Anglo to grill Drumm on financial affairs
After weeks of drawn-out exchanges between lawyers for Mr Drumm and the bank, he will be questioned next Monday in Boston as part of his US bankruptcy proceedings.
Officials for the now nationalised Anglo Irish want to quiz him on everything from his financial and business affairs, property transactions, his US residency, details of the High Court action against him in Ireland and the various investigations being carried out in Ireland, including by the Garda.
However, Mr Drumm has been given legal assurances that any information disclosed in the US bankruptcy proceedings, or documents filed by him, will not be handed over to investigators in Ireland.
He also received assurances the questioning will be confined to matters directly related to his bankruptcy.
In documents filed with the Massachusetts bankruptcy court, lawyers for Anglo Irish signalled their intention to ask Mr Drumm how he managed to burn through nearly €13 million in earnings and bonuses between 2004 and 2009.
Mr Drumm claims he has only a few thousand euro left in various bank accounts in the US and Ireland.
They also believe the legal action taken by the bank to recover €8.5m loaned to Mr Drumm in early 2008 is relevant to the US court proceedings.
Filings in the US reveal some frustration with Mr Drumm, with claims by the bank’s lawyers he was dragging his feet over producing documents relating to the “Irish litigation”.
He will also be asked about how he managed to secure an E2 investor visa and details of the company he set up when he fled Ireland in early 2009. Delta Corporate Finance, was kept afloat with loans totalling close to €200,000 from his wife, Lorraine, Mr Drumm claims.
The two sides have agreed to Mr Drumm giving a deposition at the offices of Anglo Irish’s lawyers next Monday. The bankruptcy judge has to sign off on the agreement, which is almost certain to happen.
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