How Did Seanie's Family Repay Loans? Former Anglo Boss Must Field Questions in Court

Daily Mail (London), September 22, 2010 | Go to article overview

How Did Seanie's Family Repay Loans? Former Anglo Boss Must Field Questions in Court


Byline: Sandra Murphy

SHAMED banker Sean FitzPatrick faces questions today on how his family repaid bank loans when he appears in the High Court this morning.

The former Anglo Irish Bank boss has yet to make any comment since he was declared bankrupt in July, but he is obliged by law to appear at the 11am hearing today.

The 62-year-old stepped down in 2008 after admitting to hiding 8 million worth of personal borrowings from bank shareholders between 2000 and 200 . The bank, which is now owned by the State, is owed more than 110million by FitzPatrick. The bank refused to back a private deal to save FitzPatrick from bankruptcy.

But last night it emerged that the court-appointed official dealing with FitzPatrick's bankruptcy wants to investigate a transaction that allowed Anglo loans owed by his family to be paid off.

The revelation has been made in a report circulated to creditors.

FitzPatrick made an investment in a Nigerian oil field with Lar Bradshaw, who was also a director of the bank.

Their 2 million loan was backed with 21million in cash that was held on deposit by the bank.

In February last year, a month after the bank was nationalised, FitzPatrick's 1 million share of the deposit was moved within Anglo. At the same time loans taken by FitzPatrick's wife and three children, Sarah, Jonathan and David, were paid off.

When the former chairman was made bankrupt an official, Chris Lehane, was appointed by the High Court to oversee his assets.

In his report, Mr Lehane said it is necessary to probe the transaction and consider whether it amounted to a settlement under the Bankruptcy Act.

He said the transaction was on 'very beneficial terms' to Fitz-Patrick's wife Triona and their three children.

The effect of the transaction was to make Bradshaw liable for the entire 2 million loan.

In its annual report, Anglo wrote off 21million, which it said was owed by Bradshaw.

Meanwhile, lawyers for the bank will apply to have a private trustee in bankruptcy appointed to replace Mr Lehane this morning. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

How Did Seanie's Family Repay Loans? Former Anglo Boss Must Field Questions in Court
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.