ANGLO IRISH Bank has appointed KPMG as receiver over certain properties in the UK in which its former director Tom Browne, has an interest.
The one-time head of Irish operations and contender for the top job at the now nationalised bank, is understood to owe in excess of €10 million to his former employer.
Browne failed to win the top job when it went to David Drumm, the former chief executive of Anglo who is also being pursued in relation to money owed to the bank. The bank is also seeking the repayment of money owed by its former chairman, Seán FitzPatrick.
Many of the bank’s former directors had shares in the bank which are now worthless.
It is understood the KPMG exercise does not involve Mr Browne’s interests in Ireland, including property he owns in Galway in partnership with a senior AIB executive, John Hughes.
Mr Hughes and Mr Browne lease space in Galway office buildings to the State under the name of the Ballybrit Partnership.
They bought commercial property at Fairgreen, Galway, from a company owned by property developer Bernard McNamara, where their tenants include the Revenue Commissioners, who pay an annual rent of €1.2 million.
They also rent commercial property at the Dockgate development in Galway to the Department of Agriculture. The Ballybrit Partnership has also been involved in the renting of commercial units at Monksland Business Park, Athlone, Co Roscommon, though it is not clear if Mr Browne has an involvement with the property.
Mr Hughes is registered as having bought property at Monksland in 2006. A charge against the property from Anglo Irish Bank is recorded in the Registry of Deeds.
Last week, in an unrelated matter, it was stated in the Commercial Court that residential development land in Monksland that was bought for €31 million in 2006, had now been valued at €600,000. The case has no link with Mr Hughes or Mr Browne.
Mr Hughes and Mr Browne also have other properties around the State.
Mr Browne and Thomas Hopkins, a general manager with AIB Commercial Banking, at AIB Bankcentre, Ballsbridge, Dublin, are directors and shareholders in Phb Endow, which traded in endowment policies.
The company changed its status to an unlimited company after 2003 and no longer publishes its accounts. It registered mortgages in 2006 and 2007 with Bank of Scotland (Ireland) concerning shares in Standard Life plc.
Mr Hopkins is a 50 per cent shareholder in a company that built 222 houses in Balbriggan, Co Dublin, in 2007.
AIB has been conducting an inquiry into the property activities of Mr Hopkins and Mr Hughes.
A spokeswoman for the bank would not comment on the inquiry other than to say it is ongoing. Mr Browne and Mr Hughes could not be contacted yesterday. Neither could a spokesman for Anglo.
