Belfast Telegraph

Wednesday 20 August 2014

Anglo halts legal action over Quinns' Swedish property group

Anglo Irish Bank has "discontinued" its legal action against the Quinn family's Swedish property group - after the group's bankruptcy made an action against it pointless.

The "notice of discontinuance" was filed by the bank two days before Christmas and affects the Irish case dealing with the battle for control of the €500m (£417m) international property empire assembled by the Co Fermanagh family. Sources stressed that the notice only related to Quinn Investments Sweden (QIS), which was originally listed as one of the defendants in the action.

Sean Quinn, his five children and two son-in-laws continue to be listed as defendants.

Anglo, now known as Irish Bank Resolution Corporation , is asking the High Court to prevent the Quinns from interfering with the €500m (£417m) property empire or removing assets from it.

Since the bank is the main creditor of bankrupt Quinn Investments Sweden, continuing to sue QIS would be akin to IBRC suing itself, so QIS has now been excluded from the action.

The Irish case is on hold pending deliberations of the Cypriot courts, which the Quinn family wants to assume responsibility for the case. An outcome in the case, which was expected last October, has not yet been delivered.

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