Ex-Anglo Irish Chief Drumm Wins Bail on Fraud Charges

  • Ex-CEO didn't reply to false accounting, fraud charges
  • Drumm to be freed on 150,000 euros bail, passport surrendered

David Drumm, the former Anglo Irish Bank Corp. chief executive officer facing fraud charges, was granted bail after a judge decided he’s not a flight risk.

The 49-year-old, who didn’t respond to false-accounting and fraud charges, must surrender his passport to police. Drumm is required to sign in twice a day at his local police station in north Dublin, and post 150,000 euros ($167,000) in bail, Judge Michael Walsh said in court in Dublin on Monday.

David Drumm

Photographer: Aidan Crawley/Bloomberg

Drumm has significant ties in Dublin and his case probably wouldn’t take place until next year, Walsh said.

Prosecutor Dean Kelly opposed the bail application, saying Drumm had authorities a “merry dance.” Irish police in February 2009 began a criminal investigation into activities at Anglo Irish after it came close to collapse.

Drumm was CEO from 2005 to 2008. He moved to the U.S. in 2009, and elected to return from Boston only after he was charged with 33 offenses.

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