Belfast Telegraph

Sunday 28 December 2014

Delay in Sean Quinn bid to avoid liabilities

Sean Quinn, has been given a nine-week jail term
Sean Quinn, has been given a nine-week jail term

An action by the family of jailed businessman Sean Quinn aimed at avoiding liability for €2.34bn (£1.88bn) in bank loans will be delayed due to two new developments, Dublin’s Commercial Court has heard.

The Republic’s DPP has asked to have the family's case, listed for April 9 next year, deferred.

The Quinns are considering applying to join the Central Bank (as regulator of Anglo Irish Bank) and the Irish Finance Department as co-defendants to a case alleging loans were made by Anglo to Quinn companies for the unlawful purpose of propping up the bank's share price. Any move to join the Central Bank and Department of Finance would “change the whole landscape” and recast the case, Mr Justice Peter Kelly said yesterday.

He heard the DPP wrote to the bank last week saying the family action raises issues overlapping with issues in other proceedings.

He fixed January 29 to deal with the DPP's application and any application by the Quinns to join the Central Bank and the minister/Finance Department to their case.

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