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. …

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