Former head of Anglo Irish bank to seek release on bail pending extradition

by Reuters
Friday, 13 November 2015 06:00 GMT

BOSTON, Nov 13 (Reuters) - The former head of Anglo Irish Bank is due in court on Friday to ask a judge to release him on bail while the United States determines whether to send him back to Ireland where he faces criminal charges related to the bank's collapse.

Lawyers for David Drumm noted in filings this week in U.S. District Court in Boston that Irish courts likely would grant the former bank chief executive bail while awaiting trial on charges including forgery and conspiracy.

U.S. laws likely would not have allowed him to be prosecuted in 2015 for actions taken more than seven years ago, as the statute of limitations would have run out, they noted.

"Ireland's delay has been so substantial that, under U.S. law, any action against Mr. Drumm would have been long ago barred by the statute of limitations," they wrote in a court filing this week.

Drumm was arrested on Oct. 10 after Irish officials asked that he be extradited to face a 33-cout indictment related to the collapse of Anglo Irish, which was nationalized in early 2009 in a takeover that cost Ireland some 30 billion euros (currently $32.27 billion).

Magistrate Judge Donald Cabell noted during Drumm's initial appearance in Boston federal court last month that in most cases people facing extradition hearings in the United States are denied bail.

But in a 22-page court filing and additional letters by Drumm's family, employers and clergy, his attorneys argued that Drumm, who continues to work in financial services, would have no reason to flee the United States.

Drumm, his wife and two daughter have lived in Massachusetts off and on since 1998, they noted, adding that the only other country where he had substantial ties was Ireland.

"Although Mr. Drumm has been told for several years that an extradition request was inevitable, he has taken absolutely no steps to hide, flee, or relocate to a country without an extradition treaty," Drumm's attorneys noted.

An Irish court in July sentenced three lower-ranking executives of the bank to serve 18 to 36 months in prison, making them the first bankers jailed since the country's financial crash. ($1 = 0.9297 euros) (Reporting by Scott Malone; Editing by David Gregorio)

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