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Wednesday 6 December 2023 Dublin: 8°C

David Drumm will be in court in the US later today

The former Anglo Irish Bank CEO faces an extradition hearing following his arrest in Massachusetts on Saturday.

DAVID DRUMM, THE former CEO of Anglo Irish Bank, will this afternoon face an extradition hearing in Boston.

The former banker, who has lived in the US since 2009, was taken into custody by US marshals on Saturday. It’s understood that he has remained in custody since that date in advance of today’s hearing.

The Irish government has requested that Drumm be returned here to face criminal proceedings.

48-year-old Drumm was CEO of Anglo from 2005 to 2008. He resigned when it was revealed that chairman and former CEO Seán Fitzpatrick had been concealing loans from official statements.

Anglo, now Irish Bank Resolution Corporation (IBRC), has been trying to recoup debts of nearly €9 million from Drumm since his resignation in December 2008. All told he owes €10.5 million.

3/12/2008 Anglo Irish Bank Annual Results

Having moved to Massachusetts just six months following his Anglo resignation, Drumm, his wife Lorraine (a key figure in his bankruptcy proceedings after he failed to disclose the transfer of €1 million in assets to her), and their two daughters initially lived a very comfortable life.

As his debts mounted and he attempted to evade them by filing for bankruptcy that comfort has gradually eroded, with the ongoing sale of the family’s assets in a bid to fight off his creditors.

As well as today’s extradition proceedings, Drumm is also fighting a legal battle over his failed bankruptcy application on American soil.

His attempt to file for bankruptcy were thrown out by a US judge in January of this year who upheld 30 of the 52 objections lodged by IBRC.

As a witness Judge Frank Bailey found Drumm “not remotely credible”.

Drumm is seeking to appeal that decision, and in February he hired one of Boston’s most high profile white collar criminal lawyers to run the appeal.

An extradition of the controversial former banker has been on the cards ever since that bankruptcy application was denied.

Drumm has not appeared in front of the Banking Inquiry here although he offered to do so by video link.

The DPP moved to block him from making any such statement for fear of prejudicing ongoing legal cases.

Read: Here’s everything we know about the Budget so far

Read: Bankers whose building society got a €5.4 billion bailout claim an investigation is “unconstitutional”