DISCIPLINARY HEARINGS into the role of three more chartered accountants relating to Anglo Irish Bank, including the bank’s former chief executive David Drumm, have been adjourned over concerns the tribunals might prejudice any future criminal cases.
The Chartered Accountants Regulatory Board has adjourned four disciplinary tribunals after announcing the postponement of next month’s hearing into former Anglo chairman Seán FitzPatrick earlier this week.
The board had intended to start disciplinary proceedings against four accountants, starting with Mr FitzPatrick’s case, after its special investigator, John Purcell, found he had a prima facie case to answer over his role at the bank.
The tribunals have been postponed after the Director of Public Prosecutions raised concerns that the hearings and the publication of findings might prejudice possible future criminal proceedings.
The board said it would liaise with the DPP on the tribunals.
Mr FitzPatrick’s tribunal has been deferred until early October.
The Office of the Director of Corporate Enforcement and the Garda Síochána are carrying out wide-ranging investigations into events leading up to the nationalisation of the bank in early 2009.
Mr Purcell, a former comptroller and auditor general, also found prima facie cases against Mr Drumm, former Anglo finance director Willie McAteer and former Irish Life and Permanent finance director Peter Fitzpatrick last December.
His findings against Anglo’s former auditors Ernst Young have been sent to the firm and Mr Purcell will await its response before submitting his final report to the board’s complaints committee. Ernst Young has sought clarification as to how it should respond to his observations.
A spokesman for the board said the best estimate for the submission of Mr Purcell’s report on Ernst Young was the end of April.
The board was set up to regulate members of Chartered Accountants Ireland. Mr Purcell was appointed in 2009. He has investigated directors’ loans at Anglo and a €7 billion transaction with Irish Life and Permanent that flattered Anglo’s books in 2008.
