Anglo Irish chiefs charged with illegally bolstering bank’s share price
Paul O’Higgins, the prosecuting counsel, outlined how in 2008 over €600m had been lent by the bank to Sean Quinn, then one of Ireland’s richest businessmen, together with members of his family and others.
This had been done at a time when the Quinn empire was financially fragile, and when rumours had already begun circulating about the health of Anglo. The alleged purpose of the loans had been so that the purchase of Anglo shares would give an impression of stability.
The prosecution case is that this had been done in extraordinary circumstances, was in breach of the Companies Act, and was “ absolutely illegal”.
Yer all pickin’ troika cotton for my debts!