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Image: Laura Hutton/Photocall Ireland
Image: Laura Hutton/Photocall Ireland
AFTER BEING FOUND guilty of 10 counts of providing unlawful financial assistance to ten developers, former Anglo Irish Bank executives Pat Whelan and Willie McAteer will return for sentencing on 28 April.
There, the former Anglo Irish Bank officials each face a maximum of €30,000 in fines and up to 50 years in prison.
The charges, under section 60 of the Companies Act, carry a penalty of up to five years in prison and/or a fine of up to €30,000 per offence.
Judge Martin Nolan ordered Whelan, the former the former MD of lending in Ireland; and McAteer, the former chief risk officer and finance director of the bank, to return for sentencing in eleven days time at 2pm, though he warned that the sentencing could run beyond that date.
The pair were today found guilty of lending over €450 million to the so-called Maple Ten – a group of property developers.
The move came as the share price of Anglo plummeted and moves were made to stabilise the bank by unwinding the holding of Sean Quinn, who had built up a 29 per cent stake in the now bust bank.
Whelan and McAteer were found not guilty of arranging similar loans for the Quinn family.
Read: Ireland sees first bankers convicted of giving illegal loans
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