Luxury motor Disgraced ex-Anglo banker David Drumm snapped driving €80k Range Rover Sport
The former bank chief has lots of time for top nosh… as disqualification from the top posts is longer than jail term
May 09 2021 02:30 AM
Disgraced former Anglo Irish Bank boss David Drumm looks every inch the successful businessman as he exits an €80,000 Range Rover Sport, and strides in to an upmarket deli.
But, images can be deceiving.
Drumm, the Sunday World has learned, is banned from acting as a director or officer with any company or taking part in the formation or management of any company for another two years.
Records held by the Companies Office, and seen by this newspaper, show that Drumm was issued with a five-year disqualification order on June 6th 2018, on foot of being convicted for his role in the €7.2bn Anglo fraud.
His period of disqualification will not expire until June 6th of 2023.
The length of Drumm’s disqualification from holding any position within Ireland’s business community exceeds by almost half the time he spent in prison.
Not that this means Drumm will struggle in any way to put food on the table.
A gold-plated €4.4m pension pot allows him to continue driving one of the most luxurious motors money can buy.
Drumm declared the pension when he filed for bankruptcy in the US with debts of €13m in October 2010.
However, a US bankruptcy trustee probe concluded that the massive pot was protected under Irish law.
As a result, it could not be cashed in for the benefit of creditors, who included Anglo’s successor IBRC.
Court filings indicated the pot was built up as part of a defined-benefit pension scheme at Anglo, where Drumm worked from 1993 to 2008.
Financial sources said Drumm would not have to wait until retirement age to benefit from the pot and, if he wished, could place it in an approved retirement fund, from which he could draw an income.
The couple’s home in Skerries is also understood to be mortgage free.
The house was bought in August 2016 for €418,502 and the disgraced banker’s wife was registered as the full owner of the property in May of 2017.
No mortgage is listed as attached to the three-storey townhouse which has stunning views of the Mourne Mountains.
Our photographer snapped the former Anglo Irish Bank boss in Clontarf, on Wednesday, as he enjoyed a morning out with loyal wife Lorraine.
This is the first time that the 55-year-old has been photographed in public since shortly after his release from prison in mid-February.
Drumm was released from Loughan House open centre, after he had served two years and eight months in prison there.
The also served another five months in prison in the United States before his extradition to Ireland.
In June 2018, a jury at Dublin Circuit Criminal Court found him guilty of false accounting and conspiracy to defraud after an 87-day trial, one of the State’s longest criminal trials.
In sentencing, Judge Karen O’Connor said Drumm engaged in “grossly reprehensible behaviour” and his motivation to keep Anglo open did not ”provide any excuse for fraud and dishonesty”.
In an eight-page ruling, at the time, the judge said that Drumm, as the chief executive of the bank, held “a position of trust, when he authorised, directed and was actively involved in this dishonest and fraudulent scheme”.
And in her ruling, the judge added: “This offending was premeditated and planned, and in fact the evidence was that significant planning went into this fraud.” However, the judge stressed that she was not sentencing Drumm for “causing the financial crisis” or “for the recession that occurred”.
The offending did not cause the bank to collapse, she added.
Drumm had resisted the State’s attempts to have him extradited from the United States, but eventually gave up his battle after serving five months in a US federal institution. He was given credit for that time by the Irish authorities.
Drumm, who was the most senior banker at the defunct lender to be convicted over transactions conducted during the 2008 financial crisis, had pleaded not guilty to the charges.
He was convicted for orchestrating a series of transactions that inflated Anglo’s deposit book, making it look like it had €7.2bn more in cash than it had, as it struggled to survive.
Shortly after sentencing, Drumm pleaded guilty to authorising unlawful financial assistance. Separately, the DPP did not proceed with 21 remaining charges.
Shortly after his conviction, he was expelled from the Chartered Accountants Ireland and fined €15,000 after a disciplinary tribunal found he had “brought discredit” on himself and his profession.