News Column

BRIEF: Former bank CEO Drumm under intense questioning

May 22, 2014

By Robert Gold, Cape Cod Times, Hyannis, Mass.

May 22--BOSTON -- On the second day of his bankruptcy trial, former Anglo Irish Bank CEO David Drumm came under intense questioning once again today from a lawyer representing his former employer -- this time over allegations that he transferred cash and other assets to his wife to conceal them from the bankruptcy court.

The bank, now known as Irish Bank Corp. Ltd., and bankruptcy trustee Kathleen Dwyer have objected to Drumm's bankruptcy, arguing that he should not get protections and should be on the hook for millions owed to creditors.

The bank itself is Drumm's largest creditor.

Drumm, who moved to Chatham after leaving the bank, filed for bankruptcy in October 2010.

He testified today that it wasn't until April 2011 that he found out that the original statement of financial affairs he submitted was not acceptable because it didn't list several assets, including cash transfers to his wife and real estate transactions.

But Drumm said he gave detailed documents and bank statements on these assets to his advisors or the bankruptcy trustee, often in multiple different methods.

Drumm's turn on the witness stand continued into the afternoon, with questioning shifting to his own lawyer.


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Source: Cape Cod Times (Hyannis, MA)

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