Why does an Irish Government Allow a Convicted Banker Gangster who, with a few others financially and otherwise, destroyed the Irish Economy (Anglo Irish Bank/IBRC), including the support from FF, Hold on to a 5 million euros Pension Pot? A Complete Scandal, and Literally Pissing on the Irish Taxpayers again?

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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.

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