Quinns could take stand next week in Anglo battle
Published 09/07/2011 | 05:00
MEMBERS of Sean Quinn's family could take to the stand as early as Wednesday after the High Court yesterday set the first hearing date for the legal showdown between the Quinns and Anglo Irish Bank.
The news comes less than a fortnight after the nationalised bank began legal moves to stop the Quinns from transferring any value out of an international property portfolio -- worth an estimated €500m -- that Anglo wants to use against the family's €2.9bn debts.
The hearing date was set as the Quinn family argued for more time, with counsel Paul Shipsey saying the family might not be ready to proceed as they would have to deal with new affidavits from Anglo that would arrive on Monday.
Paul Gallagher, for Anglo, said the bank was anxious to proceed on Wednesday.
The first stages of hearings are typically confined to statements from lawyers, but anomalies in this case mean executives from the bank and Quinn family members may be asked to give evidence this week.
Mr Justice Frank Clarke is the presiding judge. The judge was told that the top company in the Quinns' international property portfolio -- Quinn Investments Sweden AB -- had been declared bankrupt by the Swedish courts. The Quinns have vowed to appeal against the bankruptcy proceedings.
Mr Justice Clarke said he hoped to be updated on Tuesday on the state of readiness of the proceedings.
The judge has continued interim orders aimed at restraining the transfer of assets from Swedish companies holding Quinn family assets in Russia, Turkey, Ukraine and India.