Belfast Telegraph

Lawyer labels Sean Quinn debt transfer 'a sham'

By Alan Erwin

A multi-million pound loan agreement on international property linked to bankrupt tycoon Sean Quinn is hardly worth the paper it is written on, the High Court in Belfast has heard.

As lawyers for a mysterious offshore company being sued over the debt transfer came off record, a judge was told that the whole process was a “sham”.

The Irish Bank Resolution Resolution Corporation is seeking an order which would enable it to claw back a US$45m (£27.5m) assignment on assets including a Ukrainian shopping centre once owned by Mr Quinn's family.

It has brought a case against the British Virgin Islands-registered Lyndhurst Development Trading in a bid to seize the Kiev mall as part of a bid to recoup over £2bn.

Gabriel Moss QC, for the bank, told the court that a transfer of debt to Lyndhurst amounted to a “sham” and “a worthless promise from a worthless company”.

Mr Justice McCloskey is due to deliver judgment later this week.

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