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Ex-CEO of Irish Life awaits fate in €7.2 billion fraud trial

Ex-CEO of Irish Life awaits fate in €7.2 billion fraud trial

Ex-CEO of Irish Life awaits fate in €7.2 billion fraud trial The former chief executive of insurance and pensions group Irish Life, as well as the company’s finance director, are awaiting their fate after two men were sentenced in what is one of the longest criminal trials in the legal history of Ireland.

According to a Financial Times report, John Bowe and Willie McAteer, who were both executives at Anglo Irish Bank, were convicted yesterday for arranging a 7.2 billion euro financial transaction meant to hide the real state of health of the bank just before its collapse.

Meanwhile, the jury remains in deliberation against Denis Casey, the former CEO of Irish Life, and Peter Fitzpatrick, who was the company’s finance director. Irish Life was allegedly at the other end of the circular transaction.

There have been a series of legal trials relating to the collapse of Anglo Irish Bank back in 2008. Its collapse is widely seen as one of the sparks of the financial crisis in the country with the government seeking international rescue.

In addition, the case has become one of the longest criminal cases in Ireland’s history – partly due to its complexity and also due to a jury member falling ill. The trial began back in January.