DPP action may signal move to prosecute FitzPatrick

A SURPRISE move by the Director of Public Prosecutions (DPP) to halt a public interrogation of former Anglo Irish Bank boss Sean FitzPatrick intensifies speculation that he faces criminal prosecution.

Mr FitzPatrick, who has been interviewed by Garda fraud investigators but has not been charged with any offence, faced questioning in public at the Complaints Committee of the Chartered Accountants Regulatory Board (CARB) hearing into his activities at Anglo Irish Bank, which was scheduled to commence on April 4.

The CARB has confirmed it had adjourned its disciplinary proceedings against Mr FitzPatrick following a request from DPP James Hamilton.

“The DPP expressed his concern that the holding of public hearings and the publication of findings might prejudice future criminal proceedings in the event that a prosecution is directed against any party arising from the investigations of An Garda Siochána and the Office of the Director of Corporate Enforcement,” the CARB stated.

The CARB said it had intended commencing a disciplinary tribunal in relation to Mr FitzPatrick in early April.

“A prima facie case against Mr FitzPatrick was established by special investigator John Purcell, when he reported to CARB’s Complaints Committee in December 2010.

“However, following a request from the DPP, CARB has now decided to adjourn this disciplinary tribunal,” the CARB said in a statement.

At the time Mr Purcell found a prima facie case against Mr FitzPatrick, he also found that prima facie cases existed against former Anglo chief executive David Drumm and former Anglo finance director and chief risk officer William McAteer.

The disciplinary tribunal will be adjourned until early October, at which stage the circumstances will be reconsidered by the disciplinary tribunal.

Mr Purcell found there was a prima facie case in respect of the following against Mr FitzPatrick:

* His role in relation to the temporary transfer of his own loans of close to €100 million and their non-disclosure in the financial statement of Anglo Irish Bank.

* His role in relation to the transactions involving billions of euro between Anglo and Irish Life and Permanent at key reporting dates in 2008.

* His role in relation to a loan made to William McAteer in 2008.

The CARB said it is considering whether to proceed with establishing three other disciplinary tribunals to hear the cases against three members of Chartered Accountants Ireland against whom a prima facie case was established by the special investigator in light of the concerns expressed by the DPP.