A Formal Allegation against Mr David Drumm, a member of Chartered Accountants Ireland ("the Institute"), with an address in Co. Dublin was heard before a Disciplinary Tribunal on Wednesday 24 July 2019. The Disciplinary Tribunal made the following findings and orders;
The Disciplinary Tribunal found that David Drumm, being the Chief Executive Officer of Anglo Irish Bank Plc., (hereafter "the Bank") did:
- in relation to the September 2008 transactions between the Bank and Irish Life and Permanent engage in conduct which he was aware or ought to have been aware was inappropriate such as to bring discredit to himself, and the profession of accountancy; and
- In July 2008, being an officer of Anglo Irish Bank Corporation Plc. ("the Bank") permitted or authorised the Bank to give unlawful assistance to 10 customers of the Bank for the purpose of, or in connection with, the purchase of shares in the Bank contrary to Section 60 of the Companies Act, 1963 (as amended) and in so doing, acted in a manner which brought discredit to himself and the profession of accountancy.
The Disciplinary Tribunal found the Formal Allegation proven and ordered that Mr Drumm be excluded from membership of Chartered Accountants Ireland. In addition, the Tribunal ordered that Mr Drumm make a contribution of €15,000 plus VAT towards the costs of Chartered Accountants Ireland.
Reference: Karen Jones, Gibneys Communication
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