Arab Today, arab today exanglo irish bank directors found guilty of fraud
Last Updated : GMT 22:50:05
Arab Today, arab today
Arab Today, arab today

Ex-Anglo Irish Bank directors found guilty of fraud

Arab Today, arab today

Arab Today, arab today Ex-Anglo Irish Bank directors found guilty of fraud

Dublin - AFP

Two former directors of the collapsed Anglo Irish Bank were found guilty Thursday of providing illegal loans to support the bank's share price, after an 11-week trial. Patrick Whelan, 52, and William McAteer, 63, were found guilty on 10 counts of providing unlawful financial assistance to customers of the bank to buy shares in the lender in July 2008. The bank went bust shortly afterwards, leaving the Irish economy close to collapse. Whelan and McAteer were both found not guilty on six other similar charges. On Wednesday, the bank's former chairman Sean Fitzpatrick was found not guilty on 10 charges. The loans-for-shares deal was part of a plan concocted in 2008 to unwind former billionaire Sean Quinn's stake after it emerged he had built up a secret 28-percent holding in the bank. The bank feared Quinn would be forced to dump his sizeable stake in an uncontrolled manner, causing the bank's share price to plummet. The prosecution argued that the loans breached company law because the scheme was arranged with the intention of affecting its own share price. Anglo, mostly a commercial and business bank, lent recklessly during Ireland's Celtic Tiger years and required billions of euros in state support when the real estate market collapsed. In 2008, nearly 30 billion euros ($41 billion) of taxpayers' money had to be pumped into the bank to prevent it from going under. The following year, the Irish government nationalised the bank. Sentencing will take place on April 28.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today exanglo irish bank directors found guilty of fraud Arab Today, arab today exanglo irish bank directors found guilty of fraud

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday