Police search Anglo Irish Bank offices
DUBLIN - Irish police yesterday searched the offices of Anglo Irish Bank Corp., the lender nationalized by the government last month, as part of an investigation by the country's corporate enforcement agency.
Police obtained a search warrant for a Dublin-based bank and are seeking accounts in connection with a possible breach of company law, said a department spokesman who didn't name the bank. Spokesmen for Anglo Irish and the enforcement office declined to comment.
Transport Minister Noel Dempsey Monday described some of the activities involving Anglo Irish as "economic treason." The bank began to unravel last year after the resignation of chairman Sean Fitzpatrick, who transformed Anglo Irish into one of Europe's most profitable lenders. Fitzpatrick stepped down in December, saying he hid loans from the company.
His resignation was followed by two other controversies. Last week, Anglo Irish said it will take an impairment charge of $382.7 million on loans to 10 people that were used to buy shares in the bank through a transaction that may have helped prop up its shares.