Friday 24 February 2017

Anglo banned by court in Cyprus from touching Quinn assets

FINANCE

Laura Noonan

Laura Noonan

A CYPRIOT injunction banning Anglo Irish Bank from "interfering with" several of the Quinn family's international property assets was yesterday extended until July 26 and could remain in force until a full hearing in October.

Meanwhile, Dublin's High Court has pencilled in a provisional date of July 13 for a parallel battle between Anglo and the Quinn family.

Both cases involve efforts to paralyse the Quinns' international property empire, which includes hotels, offices and other assets worth some €500m.

In the Cyprus action, the family has secured a temporary injunction, banning Anglo and its receiver Kieran Wallace from "interfering with" several Russian and Cypriot assets.

The Nicosia courts yesterday extended that injunction until July 26, when a hearing date for "late September or October" is likely to be pencilled in, sources confirmed last night.

Anglo is believed to be preparing to strongly contest the injunction, which the Quinn family says will "serve to continue to preserve the value of the Quinn property portfolio and allow these companies to retain a capacity to repay their debts".

In Dublin, Anglo has secured a temporary injunction, restricting the Quinns from transferring assets or cash out of their international property empire.

The nationalised bank has told the court Sean Quinn's nephew, Peter Quinn, took some €4.5m from one of the property company's bank accounts, after Anglo moved to take control of the property empire.

Smear

The Quinn family has yet to file affidavits in the case, but has issued a statement describing the claims as "part of a concerted attempt by Anglo to further smear the family's reputation". The claims were being "vigorously defended", the family added.

Anglo's representative, Paul Gallagher, said the bank was "anxious" to have the issues dealt with "as soon as possible" and agreed to a provisional hearing date of July 13 in Cork.

The Quinns have reserved the right to question the Irish courts' jurisdiction in the matter, but have not yet exercised it. Anglo is arguing that the case should be dealt with in Ireland.

Irish Independent

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