Advertisement
UK markets close in 4 hours 5 minutes
  • FTSE 100

    7,952.37
    +20.39 (+0.26%)
     
  • FTSE 250

    19,862.70
    +52.04 (+0.26%)
     
  • AIM

    743.48
    +1.37 (+0.18%)
     
  • GBP/EUR

    1.1700
    +0.0030 (+0.26%)
     
  • GBP/USD

    1.2622
    -0.0016 (-0.13%)
     
  • Bitcoin GBP

    55,835.55
    +228.95 (+0.41%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • DOW

    39,760.08
    +477.75 (+1.22%)
     
  • CRUDE OIL

    82.56
    +1.21 (+1.49%)
     
  • GOLD FUTURES

    2,234.90
    +22.20 (+1.00%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,493.45
    +16.36 (+0.09%)
     
  • CAC 40

    8,223.04
    +18.23 (+0.22%)
     

Former Anglo Irish Bank CEO Drumm arrested in Massachusetts

(Adds background on case)

Oct (HKSE: 3366-OL.HK - news) 10 (Reuters) - Former Anglo Irish Bank Chief Executive Officer David Drumm, who was seen as a culprit in Ireland (Other OTC: IRLD - news) 's banking crisis, was arrested on Saturday (Shenzhen: 002291.SZ - news) in Massachusetts by U.S (Other OTC: UBGXF - news) . marshals on an extradition warrant, according to the U.S. Attorney's office in the state.

Drumm will remain in custody until his hearing in federal court in Boston on Tuesday, said U.S. Attorney's office spokeswoman Christina Sterling.

Irish national broadcaster RTE reported in January that Ireland had sent an extradition file to the U.S. government, outlining charges to be prepared against Drumm by the Director of Public Prosecution on up to 30 different offenses.

ADVERTISEMENT

The DPP, which has brought other Anglo Irish executives to trial, requested in July that a parliamentary inquiry into Ireland's banking crisis not publish a statement Drumm had issued to it.

Drumm stepped down from the one-time stock market titan in December 2008, a month before it was nationalized. He filed for bankruptcy in his new home of Boston two years later, owing his former employer more than $11 million from loans he had been given.

A Boston court dismissed his application as not remotely credible earlier this year, saying he had lied and acted in a fraudulent manner in his bid to be declared bankrupt in the United States.

Bailing out the failed bank Drumm ran from 2005 to 2008 cost taxpayers around 30 billion euros ($34 billion), close to one-fifth of annual output. It (Other OTC: ITGL - news) was seen as the heart of a banking crisis that forced Ireland itself into a 2010 international bailout.

In July, an Irish court sentenced three former employees of Anglo Irish Bank to between 18 and 36 months in prison, the first bankers to be jailed since the country's financial crash.

($1 = 0.8805 euros) (Reporting by Jon Herskovitz in Austin, Texas and Padraic Halin in Dublin; Editing by W Simon and Lisa Von Ahn)