The bankruptcy trial of David Drumm begins in the United States this morning.
The court appointed trustee and lawyers for Irish Bank Resolution Corporation, formerly Anglo are challenging his discharge from debt - alleging he deliberately tried to shelter money from his creditors.
Three and a half years after filing for bankruptcy in the US with debts of more than ten million euro, David Drumm will take to the stand in the US bankruptcy court in Boston this morning to answer questions about his finances.
Lawyers for creditor, the tax payer owned Irish Bank Resolustion Corporation, formerly Anglo Irish Bank and the US court appointed bankruptcy trustee are attempting to block his discharge from debt.
They claim they can prove the 47 year old transferred hundreds of thousands of euro and property to his wife Lorraine in a bid to avoid paying creditors.
They’re questioning the motives behind a series of transfers to his wife’s accounts, including one of a quarter of a million euro just four days before her resigned as the chief executive of Anglo.
He claims he made the transactions to ensure his wife was secure at a time when their marriage was under great financial strain.
Mr Drumm is also accused of lying under oath, but his legal team says any omissions in bankruptcy filings were “honest mistakes.”
The 47 year will get a chance to defend himself and explain his financial history this morning when he’s called as the first witness in the five day trial.
