• Leeds United Message Board

you are viewing a single comment's thread.

view the rest of the posts
  • Andrew Andrew Dec 30, 2011 18:42 Flag

    Across the Sea

    After the rip off that was Bates’ own bank, the Irish Trust Bank, I cannot see how anyone from ‘over the sea’ would have anything to do with this funny money man ever again.
    Here is an excerpt from the potted history of Ken Bates:

    Bates moves to Dublin and opens his own bank – Irish Trust Bank.
    The bank is focused on small savers in Ireland and attracts 1,400 savers in its first year of operation (including George Best and Bobby Charlton)
    1971. Bates' bank advances a large sum to International Trust Group, which also,
    curiously, owns 20 per cent of the bank itself.
    17th April 1972. Following concerns from the Irish Central Bank, Bates resigns as a director to be replaced by Freddie Pye (a former wrestler, scrap merchant and Chairman of Stockport County.) Pye Metals immediately secures a loan of £200,000 from the bank.
    1975. Irish Trust Bank is in difficulties. The Irish Central Bank cites too many loans to anonymous offshore entities; with the loans not being repaid. Bates, even though he is not officially a shareholder or director fights a court action to revoke the bank's license.
    23rd March 1976. Bates and two other men (described as “heavies”) walk onto the bank's premises and seize documents. A warrant for Bates’ arrest is issued. A judge orders Bates to return the papers but grants the application to close down the Irish Trust Bank.
    1977: Across Ireland, many small savers are faced with losing their life savings. The Irish Government intervenes, during election year, and promises to repay all the lost savings in full. A subsequent investigation could not prove that the bank loaned money “directly to Bates or any (off-shore and therefore impenetrable) company Bates was directly associated with”… “There were however some remarkable coincidences”.

    SortNewest  |  Oldest  |  Most Replied Expand all replies