herald

Monday 23 October 2017

Shamed Anglo boss spends thousands on fence to keep out the media

DISGRACED Anglo Irish banker David Drumm has erected a seven-foot fence around his refuge in Cape Cod.

The former chief executive of State-owned Anglo fled to the millionaires' row in Massachusetts in the US at the height of the banking crisis.

Mr Drumm (43), who resigned in December 2008 as CEO, was recently traced to the plush property in Chatham, Cape Cod.

He is wanted for questioning by gardai and financial regulators and is regarded as a key witness in the IL&P transaction.

But the $4.6m (€3.3m) waterfront pad now has a plywood fence surrounding the perimeter to guard against prying onlookers.

The photos, taken by a holidaymaker in the area, show that the mock Tudor home now has additional security measures put in place to deter curious passersby.

When RTE's Charlie Bird doorstepped Mr Drumm at his home, he was immediately ordered off the property by the former banker.

"Have a bit of respect will you Charlie, I have my family here," Mr Drumm told the RTE's then Washington correspondent. "Leave now."

According to locals, American tax rates are particularly high for homes with sea views.

Cape Cod is the former playground of the Kennedys and in recent times, Mr Drumm has changed the status of his house, declaring it to be a homestead.

This means that, as a primary residence, it's protected up to the value of €500,000 against claims from creditors.

The Drumm family bought the house for more than €3m in March 2008. While gardai said that they would not comment on individual cases, the fraud squad has already interviewed two former executives of Anglo Irish Bank

Refusal

And it's understood that there has been some contact between Mr Drumm's legal representatives. In June this year, the former CEO applied to have a Commercial Court action against him thrown out because of its refusal to disclose certain documents in the case.

But Mr Justice Peter Kelly remarked that the bank was being investigated by five authorities and questioned why it wanted to claim privilege to protect the good names of people involved in running Anglo prior to its takeover by the State.

Earlier this week it was revealed that the final Anglo bill could total as much as €34bn. The bailout of the embattled bank is more than seven times bigger than the Government's original estimate.

Earlier this year, fraud squad detectives questioned Sean FitzPatrick.

clairemurphy@herald.ie

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