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02-Sep-2017 23:33

Sean O’Dwyer, a non-executive director of CHC, said he was ‘completely shocked’ when he found out his friend and colleague had deliberately jeopardised his retirement fund to offset failed property investments.Mr O’Dwyer, a 52-year-old banker, was appointed a non-executive director of the disgraced pension fund company by the Central Bank in 2009, when alarms were first raised about investment practices at the firm.Some of these transactions, which were made between 2008 and December 2010, took place while Mr O’Dwyer was working for CHC.During one confrontation the director questioned why the CEO had not alerted potential buyer Appian Management to certain key property fund allocations.

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Although their investments have reduced in value because of the property crash, none of the investments made by the rugby trio has been affected by the improper transfers of client funds that became standard at CHC.

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