THE FORMER CHIEF EXECUTIVE of Anglo Irish Bank, David Drumm, has given evidence under oath for the first time as part of his application for bankruptcy in the US state of Massachusetts.
In the boardroom of his Boston legal firm, Drumm – who became chief executive of the bank in 2005 and presided over what is now known to be significant reckless lending – answered questions on his assets and those of his wife, Lorraine.
Interrogated on his homes in Ireland, Cape Cod and the fashionable, upmarket town of Wellesley, Drumm was also questioned by lawyers for his creditors – chiefly Anglo itself, to which he is claimed to owe €8m – about his cars and his wife’s jewellery.
He was also forced to disclose whether he had bought Christmas presents for his children, and whether they had been valued in excess of $500 (€378). The Boston Herald says Drumm conceded to buying them computers worth over that amount last year.
Drumm also told lawyers that he was the only employee of his consulting firm, Delta Corporate Finance, which had been financed to the tune of $210,000 (€159,000) by his wife, and which paid him a €6,900 salary a month.
RTÉ reports that Drumm also admitted to now driving a used Ford car worth $1,000, while his wife rented her car.
Drumm will face questioning on his tenure in Anglo Irish Bank in the new year. His case in the US must be completed before Anglo can pursue a claim against his remaining debts.
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