Anglo directors ‘told CEO to tell regulator of Quinn share’

Three former directors of Anglo Irish Bank have given evidence that they instructed the bank’s CEO to immediately inform the financial regulator that Sean Quinn controlled 25% of their shares.

One of the directors, Gary McGann, said it was his recollection that the board informed Anglo CEO David Drumm to go to the regulator with the information in late 2007 or early 2008. The trial previously heard this occurred in September 2007.

Mr McGann, who is the current CEO of Smurfit Kappa, said he understood the regulator was then informed by Mr Drumm and was “equally exercised” about the situation.