Drumm back on Easy Street

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David Drumm allowed to keep €4.5m pension pot despite owing €13m
 5 hrs ago

Disgraced ex-banker David Drumm will be able to keep his €4.4million pension fund – despite owing at least €13million to creditors.a man wearing a suit and tie© Provided by Extra.ie

Drumm, who was released from prison early this week after serving two years and eight months, can look forward to a luxurious life at his home in Skerries, north Dublin.

A US court ruled that Drumm had ‘knowingly and fraudulently’ tried to hide assets from his creditors but that still won’t stop him from keeping his pension, which is protected under Irish law.a person standing in front of a blue wall: Disgraced ex-banker David Drumm will be able to keep his €4.4million pension fund – despite owing at least €13million to creditors. Pic: Colin Keegan/Collins Dublin© Provided by Extra.ie Disgraced ex-banker David Drumm will be able to keep his €4.4million pension fund – despite owing at least €13million to creditors. Pic: Colin Keegan/Collins Dublin

Anglo Irish Bank has tried to recover some of the money he owed but he counter-sued, claiming ‘mental distress’ and then declared bankruptcy before the case could be resolved.

While he will keep his pension fund, he has been forced to give up other assets his creditors claimed through the courts – including a mansion in Malahide, worth €2.5million, and a home in Cape Cod, Massachusetts, valued at €5million.

The properties were sold quickly and earned €1.5million and €3.3million respectively for his creditors.a man wearing a suit and tie: Drumm, who was released from prison early this week after serving two years and eight months, can look forward to a luxurious life at his home in Skerries, north Dublin. Pic: Brian Lawless/PA Wire© Provided by Extra.ie Drumm, who was released from prison early this week after serving two years and eight months, can look forward to a luxurious life at his home in Skerries, north Dublin. Pic: Brian Lawless/PA Wire

But, with his massive pension pot secure and his home paid for, he will never have to work again, despite being involved in a €7.2billion fraudulent scheme that was at the heart of Ireland’s 2008 financial collapse.

Drumm had to declare details of his pension when he filed for US bankruptcy in 2010, at the time owing €13million to creditors.

The US courts agreed that the pension was protected under Irish law and could not be seized by US creditors or by Anglo Irish Bank’s successor, IBRC.a man wearing a suit and tie: Drumm served just two years and eight months of a six-year sentence for conspiracy to defraud and false accounting, in which he moved funds around to make Anglo’s accounts look €7.2billion better than they were. Pic: Collins Photos© Provided by Extra.ie Drumm served just two years and eight months of a six-year sentence for conspiracy to defraud and false accounting, in which he moved funds around to make Anglo’s accounts look €7.2billion better than they were. Pic: Collins Photos

Anglo Irish Bank sued him in 2009, seeking €8million. He counterclaimed for €2.6million in salary, pension, bonus payments, damages, including for ‘mental distress’.

Anglo Irish Bank was later liquidated by the State and became part of IBRC.

Drumm served just two years and eight months of a six-year sentence for conspiracy to defraud and false accounting, in which he moved funds around to make Anglo’s accounts look €7.2billion better than they were.

[Dr. Martin Gooter Bling]

did'nt the other anglo spiv's trial collapse because the state's wig accidentally shredded some documents.
the other cunt fingleton has a TWENTY MILLION pension as well.

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Dirty old entitled bastard:

https://www.independent.ie/irish-news/courts/banker-michael-fingleton-83-claims-hes-too-ill-to-face-ibrc-civil-action-40073101.html

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5'
Michael
ByMichael O'farrell -
03/03/2019
Michael Fingleton travelled abroad to secure a €10million property sale at the same time he told the Central Bank he was too ill to attend its inquiry into Irish Nationwide, Extra.ie can reveal.

The Central Bank’s inquiry into alleged breaches of financial laws by Mr Fingleton and others at Nationwide has been repeatedly delayed due to Mr Fingleton’s stated ill health.


Mr Fingleton was due to begin giving testimony on January 9 last year, but instead sought an adjournment on medical grounds.


Michael Fingleton arriving at the Irish Nationwide Building Society Banking Inquiry in DMG Business Centre in Dublin. Pic: Sam Boal/Rollingnews.ie
He has subsequently sought several further adjournments, presenting certificates from different medical professionals each time to certify his ill health.


However, as he was seeking the adjournments, Mr Fingleton appears to have been occupied with the sale of a €10million hotel in Montenegro.


Travelling to Montenegro involves either a three-hour flight from London or a three-and-a-half hour flight from Dublin to Dubrovnik, followed by a drive of several hours.

Mr Fingleton first purchased Hotel Fjord in Kotor for €5.5million in a 2006 deal reportedly involving Veselin Vesko Barovic — an alleged cigarette smuggler and close associate of prime minister Milo Dukanovic.


Michael Fingleton. Pic: Sam Boal/Rollingnews.ie

Together with his partner — Louis Maguire — Mr Fingleton planned to develop a €70million five-star hotel with 220 rooms, 150 exclusive apartments, a luxury spa and a private marina.

The project failed to materialise as Mr Fingleton and Mr Maguire engaged in increasingly bitter litigation which ultimately saw Mr Maguire sidelined.

However, the fallout saw Mr Fingleton face a criminal inquiry in Montenegro amid allegations of money laundering and questions about the origins of the funds used to purchase the hotel. It is understood this inquiry is no longer active.

By the end of 2017, Mr Fingleton was in the final stages of securing a buyer for the Hotel — just as the Central Bank inquiry into Irish Nationwide held its opening hearings.

Mr Fingleton — who took and lost court action to prevent the inquiry — attended and gave an opening statement to the inquiry on December 12. During his opening statement he said he had always acted with ‘complete integrity and honesty’ as head of Irish Nationwide — which cost the taxpayer €5.4billion when it collapsed.


He also accused the inquiry of being ‘an artificially trumped up case’ to deflect blame from the Central Bank and the Department of Finance. After his opening statement, Mr Fingleton never attended again due to illness — although he appears to have been able to travel to Montenegro to secure €10.5million via the sale of Hotel Fjord.

The contract for the hotel was signed by Mr Fingleton before notaries in Montenegro on January 24, 2018 – after he sent sick notes to scheduled hearings of the Central Bank inquiry on January 9 and 16.

Having secured the €10.5million in Montenegro on January 24, Mr Fingelton was again too ill to attend hearings on January 30.


Michael Fingleton arriving at the Irish Nationwide Building Society Banking Inquiry in DMG Business Centre in Dublin. Pic: Sam Boal/Rollingnews.ie

The Fingletons did not respond to questions from the Extra.ie this weekend but in previous statements to us Mr Fingleton Sr has defended his involvement in Hotel Fjord, saying any criminal allegations against him were ‘unfounded, without merit and completely false’.

‘All transactions in relation to this project to date were totally legitimate, fully transparent and fully funded by me from my own personal resources,’ he said.

It is not clear what Mr Fingleton — who has faced millions in judgements against him – did with the proceeds of the hotel sale. But there are indications he may have sent the funds to the UK with the help of his son, Michael Jr, who once oversaw Irish Nationwide’s British operations.

In the months leading up to the sale Michael Jnr incorporated a firm called New Fjord Developments DOO Ltd in London and put all the shares in his father’s name.


This is the same name as Mr Fingleton’s Montenegrin firm which sold Hotel Fjord.

The address of New Fjord Developments DOO Ltd — which is now being threatened with being struck off for failing to file accounts — is a Twickenham office block that appears to be a development project of Michael Jr’s London property business.


Former chief executive of Irish Nationwide Building Society Michael Fingleton. Pic: Sam Boal/Rollingnews.ie

The office block is owned by an anonymous Jersey firm and was purchased without recourse to any finance in 2016 for just under £2.4million.

Michael Jr has a history of involvement in such London developments, as well as his father’s affairs in Montenegro. In 2012, Mr Fingleton Jr became the landlord of a £12million London office block that was bought for £5million in cash from developer Sean Dunne.

The former Dunne property, which is also owned anonymously offshore, was bought after Michael Fingleton Sr transferred two substantial cash amounts from Montenegro to the London Barclay’s Bank account of Michael Jr.

Mr Fingleton Jr also appears to be involved in the Hotel Kotor sale since the contact details provided for Mr Fingleton in the contract of sale includes an email address at Michael Jr’s London business.


 

 

 

 
Shock as Prime Time footage shows freshly tanned Irish holidaymakers returning from Lanzarote

[Shallowhal]

That's what happens to a man wearing a suit and tie....fukall!!

[stonethecrows]

That's what happens to a man wearing a suit and tie....fukall!!

Must remember that if I'm ever up in front the Wig