Belfast Telegraph

Quinn family 'victims' of loan deals, court told

A firm which was run by the family of bankrupt ex-billionaire Sean Quinn has been a victim of disputed multi-million pound loan deals, the High Court in Belfast was told.

In an unexpected move, the Irish Bank Resolution Corporation is to seek to have Demesne Investments Ltd switched from defendant to joint-plaintiff in its battle for control of an international property empire.

A judge has requested more details before he hears the application next week.

Demesne, a Fermanagh-based firm which came under the receiver's control last year, was one of four companies facing proceedings brought by the bank.

The others are the British Virgin Islands-registered Lyndhurst Development Trading, Galfis Overseas in Belize, and Ulster-based company, Innishmore Consultancy.

IBRC, as controllers of Quinn Finance and Quinn Hotels Praha AS, is seeking to claw back tens of millions of pounds of loans. It wants to seize a Ukrainian shopping centre once owned by the Quinn family as part of its bid to recover £2bn from Quinn.

Belfast Telegraph

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