“I Have No Means. Thanks To Friends, I Can Feed Myself”


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Jonathan Sugarman

This morning Jonathan Sugarman – whose 2007 warnings about breaches of liquidity requirements at Unicredit Bank Ireland were ignored by the Central Bank – appeared before the finance committee.

During his opening remarks, Mr Sugarman talked about his decision to come forward about what was happening in Unicredit ruined his life.

He also noted how other whistleblowers have been treated in Ireland, specifically Sergeant Maurice McCabe and former Garda John Wilson.

During the meeting, Mr Sugarman said the following…

On being unable to find a job for the past 10 years:

I’m unable to find work, not even on the European continent...because the minute you Google my name, you see discussions about me in Dáil Éireann, Seanad Éireann, Australian television, Belgian television, Greek television about the fact that I tend to do my job very well. So much so, that I complied with the law.”

On his resignation:

“I said so in my letter of resignation that, as of this minute, I resign all of my duties because of issues of integrity, I cannot perform contractually what I agreed to do for the shareholders of Unicredit.”

On how the bank reacted to his resignation:

They were concerned enough to actually offer me employment with another Italian bank in the IFSC, provided I withdrew my resignation.”

On not being able to get any compensation as no sanction has been brought against Uncredit.

“In the absence of a sanction, by the Central Bank, I have had zero legal recourse against Unicredit… because of the fact that the Central Bank failed to issue a sanction, as it should have, against the bank, for breaching the law by 20 times the permissible deviation, lawyers whom I have consulted with said, ‘Until Unicredit has been sanctioned, you have not got a leg to stand on’. Which is why I have now exceeded the time for an Employment Tribunal because there is no sanction.”

“I’ve exceeded the statute of limitations on Employment Tribunals because there is no sanction by the Central Bank. Had there been a sanction by the Central Bank I would have been rightfully able to go to the Employment Tribunal and say, ‘no employee can be forced to commit a crime. Here I am having been forced to commit a crime and sign over repeated crime. As I read out to you earlier, every day is a crime, every day is a breach or a crime in its own right.

And when the Central Bank admitted to me, at our meeting, that they had sight of other breaches that had gone unreported, i.e. they had seen other crimes, during my tenure at Unicredit, you cannot force an employee to commit a crime. And, therefore, I had no choice, but to resign. And therefore, I should be entitled to receive compensation from the bank and from the Cental Bank of Ireland.”

On not being able to afford to take an action against the Central Bank:

I have no means. Thanks to friends, I can feed myself. And when I needed to go to the dentist, a few weeks ago, my friends got together and paid the dentist.”

Earlier: Watch Jonathan

28 thoughts on ““I Have No Means. Thanks To Friends, I Can Feed Myself”

  1. Blonto

    He should be treated as a hero, not a villain. Like all other whistleblowers.
    Shame on the CBI, the Financial Regulator, Dept of Finance and Unicredit.
    Time for them to step up and make amends.

  2. missred

    Still out of work? Places should be delighted to hire him FFS. Ostracised for having integrity.

    1. Bob

      Who knows what skeletons the large companies have, why would they take a risk in employing someone who has a record of whistleblowing. The company would see it, that they just cant take the risk.

  3. postmanpat

    Stealing is good and doing the right thing is… bad? Why should anyone care about anything? I’m seriously thinking of handing my child a copy of Machiavelli’s The Prince when she’s get to that reading level and take things from there.

  4. me...

    Everything is a scam,
    That’s why we’re all such
    Good little lambs…
    Everyone says: My God!
    My Scam!

  5. perricrisptayto

    7 comments (+1) on possibly the most important story on this site in years. Say’s it all really.
    Ireland deserves the government it has.

    1. Mickey Twopints

      This probably sounds very feeble, but I am so taken aback by both the import of his testimony and the blatant contempt shown to a man of integrity that I am at a loss for words.

      I think I’m beginning to agree with those who say we need another 1916. A full reset.

    2. MoyestWithExcitement

      I figured people don’t feel comfortable talking about something they know little about but that doesn’t stop the comments getting racked up on every other topic. People have no feelings about this, I guess. It doesn’t resonate with them because it’s not on the news and yer man’s a foreign.

  6. Increasing Displacement

    This is so sad to see
    But given what the law does to similar not too surprising
    Just very sad

  7. Joe cool

    “The only thing necessary for evil to triumph…is for good men to do nothing” sir Edmund Burke

  8. Andy


    Rubbish. Liquidity breaches happen all the time. The problem is if they’re not rectified.

    UniCredit Ireland had funding lines from its Parent for such shortfalls and the Parent always delivered – which is evidenced by the fact the subsidiary still exists!

    1. Mickey Twopints

      Get on the blower to the Oireachtas finance committee straight away there, Andy. They clearly need to employ your expertise, lest this terrible monster lead them astray and make them a laughing stock. Not a minute to be lost.

      1. Ron

        Good God Andy just stop. Sit down and stop. We can’t take anymore of your ridiculous waffle

      2. Andy

        Dropped them a whatsapp blast there. They’ve all left to get to the off license before 10pm.

    2. GiggidyGoo

      You left out the last two letters from your first word – LY. And that’s what these bankers, politicians, and their Mates are all about. That FG councillor last year couldn’t have put it better when RTE exposed him. Gimme money, Sterling, lots of it.

  9. petey

    “This morning Jonathan Sugarman … appeared before the finance committee this morning.”

    when then?

  10. Toni the exotic dancer

    we need outsiders to examine all these scandals with real penalties for the convicted. Bring back the troika

Comments are closed.