Anglo criminal proceedings may run for years, judge told

Criminal proceedings following the collapse of the former Anglo Irish Bank could run for years, the High Court has been told.

The Office of the Director of Corporate Enforcement (ODCE) also said further charges arising from its investigation may also be brought.

The investigation into Anglo has been given a further year to carry out its work. However, lawyers for the director had sought a three year extension.

The court gave the ODCE enforcement until Jan 20 next year to hold on to data seized from the Anglo headquarters following its collapse in 2008.

Mr Justice Peter Kelly was told there were five strands to the investigation — three of which have resulted in people being charged before the courts.

However, the judge noted the remaining two strands were progressing “at a rather slow pace”.

In order to retain some impetus in the remaining areas, the judge said he would not grant an extension of three years but would allow another year.

The three areas where investigations are complete related to alleged breaches of Section 60 of the Companies Act, alleged directors transactions including refinancing and the back to back deposit arrangements with the Irish Life & Permanent group in 2008.

Investigations into the provision of a loan to a former director and the communication of possible false or misleading information in certain Anglo public statements in 2008 are ongoing.

The DPP had requested certain additional investigative work be carried out in relation to the director’s loan issue, that additional investigation was completed in Feb 2013 and a further file was then sent to the DPP, the court heard. Files on the second matter were sent to the DPP in Dec 2010 and Mar 2012 and the need for further work in that regard is being kept under review with the DPP’s office, the court was told.

The judge was told the first criminal trial arising from the investigation is expected to open on Feb 4, with jury selection to begin on Jan 31. That trial involves former Anglo chairman Sean FitzPatrick and former executives William McAteer and Pat Whelan. All three have been charged with offences under Section 60 of the Companies Act

Three other former senior bank officials, Dennis Casey and Peter Fitzpatrick, respectively the former CEO and finance director of IL&P, and John Bowe, formerly of Anglo, were charged last December in connection with the alleged back-to-back deposits transactions.

All three were charged with conspiracy to defraud contrary to common law. Mr Bowe, a former head of capital markets at Anglo, faced an additional charge that on Dec 3, 2008, he falsified accounts contrary to Section 10 of the Theft and Fraud Act.

The three were remanded on bail until Mar 12 when a book of evidence will be produced.

Yesterday, in an affidavit on behalf of the ODCE presented by Paul O’Higgins, Supt Eamonn Keogh said the criminal proceedings meant the application to extend the probe, and to extend orders allowing for further retention of millions of documents seized from Anglo, was being made at a “very sensitive” time and it was essential nothing was said in public during the application that could prejudice the trial.