Ex-CEO of Irish Life & Permanent ‘guilty of fraud’

The former head of Irish Life & Permanent, one of the major Irish banks that had to be nationalised as a result of the 2008 financial crisis, has been found guilty of conspiring to mislead investors as the crisis took hold.

The trial of Denis Casey, who had pleaded innocent of the charges against him, was described as the longest criminal trial in Irish legal history. It ended with his conviction by a jury yesterday, the eighty-ninth day in court.

The former banking executive had been charged with being part of a scheme that was aimed at hiding the true,perilous financial state of another Irish financial institution, Anglo Irish Bank, in 2008, through the use of a €7.2bn (£5.6bn) subterfuge.

Two Anglo Irish executives involved in the scheme, John Bowe and Willie McAteer, were convicted of similar charges earlier this month. All three are due to be sentenced on 25.

Following its nationalisation, in 2009, Irish Life was sold to Great West Lifeco of Canada for €1.3bn in 2013.

ABOUT THE AUTHOR
Helen Burggraf
Helen Burggraf is the editor of International Investment. A US-trained journalist, she has worked in Rome, New York City and London, covering everything from the fashion and retailing industries to the global drinking water and water-treatment sector, private equity, and most recently, the international cross-border financial services/advice industry.

Read more from Helen Burggraf

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