Anglo Irish takes action against Drumm
Wednesday, 25 November 2009 22:21
Anglo Irish Bank has issued proceedings against its former Chief Executive David Drumm.
Mr Drumm was Chief Executive of Anglo until last December when revelations about secret loans to directors emerged. Mr Drumm himself has loans of €8m from the bank.
Anglo Irish Bank today issued proceedings against Mr Drumm relating to those borrowings. It also issued proceedings against Mr Drumm and his wife Lorraine.
This legal action relates to a move by the couple to transfer property out of their joint names into Lorraine Drumm's alone.
That would have the effect of putting the property out of reach of the bank. Anglo's proceedings are seeking to overturn that transfer.
The development comes after Minister for Finance Brian Lenihan said earlier this week that the bank would take legal proceedings against former directors over their borrowings.
Mr Lenihan said some had repaid, but the bank would be taking legal action to ensure borrowings were repaid.
- Nine News: David Murphy, Business Editor, reports that the embattled bank has begun proceedings against former CEO David Drumm over loans he took out from the bank
- Six One News: David Murphy, Business Editor, reports that Anglo Irish Bank has begun proceedings against former Chief Executive David Drumm over loans he has from the bank
