Bankrupt Drumm receives €12,000 tax rebate

A TAX rebate of almost €12,000 has been paid to disgraced Anglo Irish chief David Drumm, who is currently living in the US.

Further details of the ongoing bankruptcy proceedings concerning the former bank boss were revealed in an RTÉ Prime Time programme last night.

The information about the revenue rebate was contained in papers lodged in a Boston bankruptcy court, which also listed claims made against Mr Drumm by a number of named Anglo Irish shareholders.

Mr Drumm filed for bankruptcy in the US last October, listing debts of more than $14m and assets of less than $14m. By far the largest creditor is Anglo Irish, which is trying to claw back loans totalling about €11m from Mr Drumm.

The former chief executive of Anglo Irish moved to the US permanently after he was ousted from the bank in early 2009.

He and his family live just outside Boston at a property bought for $2m earlier this year by a trust. Mr Drumm has a half stake in the property.

In recent weeks, it emerged that Mr Drumm is refusing to co-operate with investigations by the gardaí and the Director of Corporate Enforcement.

The Boston court dealing with his case heard Mr Drumm’s finances were in “a chaotic state” while he was running the bank.

Mr Drumm was asked repeatedly why he had 20 to 25 bank accounts and why he did not tally up what he owed and what he owned at the end of every month.

He replied that he could not explain why and told the court that was how he ran his household affairs.

He has also been questioned about transferring assets into his wife’s bank accounts as it emerged Anglo Irish was in deep trouble.

Mr Drumm’s assets include a house in Cape Cod in Massachusetts and a house in Malahide. Both will be sold to help pay off creditors.

The bankruptcy proceedings, if successful for Mr Drumm, will allow his debts to be discharged, essentially allowing him a fresh start.

More in this section

Lunchtime News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up