CO. WEXFORD JUDGE TO IMPOSE SENTENCES ON TWO FORMER ANGLO DIRECTORS
Two former Anglo Irish Bank directors will be sentenced this afternoon for issuing 450 million euro in illegal loans to the Maple Ten for the purchase of the bank’s shares.
Judge Martin Nolan, who’s from County Wexford, will impose sentences on the bank’s former Finance Director Willie McAteer and Anglo’s former head of Irish lending Pat Whelan.
They’re facing up to 5 years in prison.
Pat Whelan and Willie McAteer were convicted by a jury two weeks ago of providing illegal loans to the so called maple ten to buy shares in Anglo Irish Bank in July 2008.
Both had large shareholdings in the bank but Judge Martin Nolan said there’s no question of anyone profiting for personal gain
The Maple transaction was carried out to unwind the 29 per cent stake Cavan businessman Sean Quinn had secretly built up in Anglo over concerns it was destabiling the bank.
Barrister Brendan Grehan for Mr Whelan said what was striking is that everybody even Anglo executives who’ve been granted immunity from prosecution thought the deal was ok.
Nobody said it was a sham and his client believed the board of Anglo and the financial regulator approved of the loans and that positive legal advice had been received.
Mr McAteer’s lawyers also arguing that he had acted in good faith.
