Friday 24 March 2017

Court delay means Anglo still can't touch Quinn properties

FINANCE

Laura Noonan

Laura Noonan

AN injunction restraining Anglo Irish Bank from interfering with key assets in the Quinn family's international property empire will remain in place until at least September 30, after a court in Cyprus yesterday postponed a hearing into the matter.

The Nicosia hearing delay comes just days after an Irish High Court judge announced that he would seek guidance from the European Court of Justice on the appropriate jurisidiction for the €500m property battle. This could delay proceedings by up to two years.

Anglo and the Quinns are engaged in legal disputes in Russia, the Ukraine, Cyprus, Ireland and Sweden over the portfolio of office blocks and hotels -- but the cases in Dublin and Nicosia are seen as the most important of these.

In Ireland, Anglo has claimed that the Quinns are trying to "denude" the bank of its claim over the assets. It obtained an injunction, blocking the family from interfering with the assets.

This will remain in place until the European Court delivers its ruling on jurisdiction, the High Court said this week.

The Quinns have obtained an injunction in Cyprus, where some of the key property companies are registered, preventing Anglo from interfering with the assets.

Irish Independent

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