Drumm to face questions under oath

THE FORMER chief executive of Anglo Irish Bank, David Drumm, is to face questioning under oath in the offices of a Boston legal firm on Tuesday.

Mr Drumm will be questioned by the trustee appointed to his bankruptcy application, Kathleen Dwyer, following which lawyers for Anglo will be able to ask him certain questions.

The bank has asked Judge Frank Bailey of the US bankruptcy court that it be allowed question the former banker about a wide range of matters, including his residency in the US.

However, the judge is to issue a ruling outlining what Mr Drumm can be queried about prior to the Tuesday morning sitting.

Meanwhile, Ms Dwyer has asked the judge that he authorise her to engage a financial adviser to carry out a forensic examination of Mr Drumm’s affairs.

She is seeking the right to appoint Michael Epstein of CRG Partners Group.

Anglo had unsuccessfully sought to have Ms Dwyer replaced by Mr Epstein as its nominee as trustee.

The judge has been told the financial advisory firm will cost between $175 and $675 per hour.

Mr Epstein has filed an affidavit saying he does not believe he is conflicted in acting in the case, although his firm has acted for the Mayo Group, with which, he believes, Mr Drumm also has an advisory relationship.