FORMER ANGLO Irish Bank chief executive David Drumm has added details of a new lawsuit taken against him by former shareholders of the bank and outlined money transfers totalling about €1 million to accounts held either jointly with his wife or into her sole accounts, according to a new bankruptcy filing in Boston.
Mr Drumm, who filed for bankruptcy last October, corrected various errors and omissions - many of which relate to money transfers to his wife - in his statement of financial affairs in the filing with the District of Massachusetts bankruptcy court yesterday. The errors were described as "inadvertent" on his part.
The new statement of affairs, which adds considerable detail to the document filed last October, says Mr Drumm, who resigned as chief executive of the bank in December 2008, faces a potential legal claim from former Anglo shareholders Jayne Mollard, Brian Doyle, Belinda Ennis, Michael J Curley and Anne Marie Kidney.
Shareholders saw their investment wiped out when Anglo was nationalised in January 2009.
Mr Drumm also states that he made 12 transfers of cash from his personal account or the account of his business, Harborlight (since renamed Delta Corporate Finance), to a bank account he shared with his wife, Lorraine. These transfers were made between November 6th, 2009 and September 27th, 2010.
A further 13 transfers were made from Mr Drumm's accounts at Anglo and AIB or from the proceeds of the sale of his assets to his wife between October 20th, 2008 and September 28th, 2009.
The largest transfer was €372,561, which was moved from a shared account at AIB in the names of Mr Drumm and his wife to another account belonging to his wife at the same bank on December 15th, 2008 - four days before Mr Drumm resigned from the bank.
He transferred €180,000 from their joint AIB account to his wife's account at the bank three days earlier. On the same day, the proceeds from a €250,000 mortgage on a property in Skerries, Co Dublin was transferred to her AIB account, according to the filing.
On March 11th, 2008 Mr Drumm transferred €80,000 and €50,000 in two transactions - the first from a joint account at AIB to his wife's AIB account and the second from Mr Drumm's Anglo account to an account at the bank belonging to his wife.
After leaving the bank, Mr Drumm also transferred proceeds of about €46,000 from the sale of his cars. Mr Drumm also transferred $100,000 from their joint account to his wife's AIB account on June 12th, 2009."It dawned on [ me] she didn't know where the money was, so she took a lot of money over," Mr Drumm said in evidence.
