Publication statements 2010

Statement issued by CARB Complaints Committee regarding the report of special investigator

Statement Issued in Accordance with Bye-Law 72.8 of the Bye-Laws of Chartered Accountants Ireland by the Complaints Committee of the Chartered Accountants Regulatory Board (CARB).

A meeting of CARB’s Complaints Committee took place on 14 December 2010 at which four Reports of Special Investigator, Mr. John Purcell, were presented. In his Reports to the Complaints Committee, Mr. Purcell certified that, in his opinion, there existed certain prima facie cases that Institute members, Mr. David Drumm, Mr. Sean FitzPatrick, Mr. William McAteer and Mr. Peter Fitzpatrick, were liable to disciplinary action under the Bye-Laws of Chartered Accountants Ireland.

The Complaints Committee referred those prima facie cases to CARB’s Disciplinary Committee by way of Formal Complaints under the provisions of Bye-Law 72.6 of the Bye-Laws of Chartered Accountants Ireland.

The prima facie cases certified by the Special Investigator in relation to each member are as follows:

Mr. David Drumm

The Special Investigator certified that in his opinion there was a prima facie case in respect of the following:

  1. His role in relation to the temporary transfer of loans of Mr. Seán FitzPatrick and their non disclosure in the financial statement of Anglo Irish Bank
  2. His role in relation to the transactions between Anglo Irish Bank and Irish Life and Permanent plc at key reporting dates in 2008
  3. His role in relation to the amendment of the terms of the loans made to ten customers of Anglo Irish Bank Corporation Limited for the purchase of shares in Anglo Irish Bank
  4. His role in relation to certain loans made to four key management personnel
  5. His role in relation to a loan made to Mr. William McAteer in 2008

The Special Investigator certified that in his opinion there was no prima facie case in respect of the following:

  1. His role in relation to the loans made to ten customers of Anglo Irish Bank for the purchase of shares in Anglo Irish Bank

Mr. Seán FitzPatrick

The Special Investigator certified that in his opinion there was a prima facie case in respect of the following:

  1. His role in relation to the temporary transfer of his own loans and their non disclosure in the financial statement of Anglo Irish Bank
  2. His role in relation to the transactions between Anglo Irish Bank and Irish Life and Permanent plc at key reporting dates in 2008
  3. His role in relation to a loan made to Mr. William McAteer in 2008

The Special Investigator certified that in his opinion there was no prima facie case in respect of the following:

  1. His role in relation to the loans made to ten customers of Anglo Irish Bank for the purchase of shares in Anglo Irish Bank

Mr. William McAteer

The Special Investigator certified that in his opinion there was a prima facie case in respect of the following:

  1. His role in relation to the temporary transfer of loans of Mr. Seán FitzPatrick and their non disclosure in the financial statement of Anglo Irish Bank
  2. His role in relation to the transactions between Anglo Irish Bank and Irish Life and Permanent plc at key reporting dates in 2008
  3. His role in relation to the appropriate disclosure of a loan made by Anglo Irish Bank to him in September 2008

The Special Investigator certified that in his opinion there was no prima facie case in respect of the following:

  1. His role in relation to the loans made to ten customers of Anglo Irish Bank for the purchase of shares in Anglo Irish Bank
  2. His role in relation to a loan made by Anglo Irish Bank to him in September 2008

Mr. Peter Fitzpatrick

The Special Investigator certified that in his opinion there was a prima facie case in respect of the following:

  1. His role in relation to the transactions between Anglo Irish Bank and Irish Life and Permanent plc at key reporting dates in 2008

Contact: Paul Daly, CARB Communications Executive
T: +353 87 223 5187
E: Paul.Daly@carb.ie

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