A Small World

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This week three former Anglo Irish Bank executives Sean FitzPatrick Willie McAteer, Pat Whelan were each charged in relation to providing unlawful loans to 16 individuals in July 2008.

They are accused of providing loans to a group known as the Maple 10, and the five children of Sean Quinn and his wife Patricia, in order to buy shares in the bank.

Special Criminal Court and District Court Judge Cormac Dunne (above), from Cavan, presided over their hearings. He freed them all on bail and ordered them to reappear on October 8.

In 1999, Quinn Group’s finance officer – and former Cavan County Council manager – David Mackey had resigned from Quinn to set up a property development company with …Cormac Dunne.

Mr Mackey was general manager at Quinn for six years and then group chief executive for four.

The Irish Independent reported at the time:
“Mackey will remain as a non-executive director of the various Quinn companies.
Mr Mackey said there was no falling out and stressed it was an amicable departure from his executive role. He added that he had been very well treated by Mr Quinn. Mr Mackay is joining forces with Cavan building contractor Noel Elliott and solicitor Cormac Dunne to develop property in Dublin and the border area.”

Dunne’s involvement with Noel Elliot ended in dispute in 2009 over his alleged failure to honour agreements to buy 20 apartments in Dublin for €7.2m and a settlement was reached between both parties.

In 2011, it was reported that Dave Mackey and Sean Quinn Jnr had applied for a Malta-based licence for a prospective new insurance company, Q2.

Dunne is now a District Court and Special Criminal Court judge.

For the Elliotts, life has not been so kind.

Last year Noel Elliott Jnr’s family construction and development company P Elliott saw its loans with Bank of Ireland and Anglo get transferred into NAMA.  Receivers KPMG took control of 15 entities within the Cavan-based P Elliott group, including Elliott Holdings, P Elliott Company and Flag Properties. The company stopped operations and laid off staff, on foot of a €120million debt.

Thanks Paddy Joe

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