independent

Monday 21 April 2014

Company in Quinn case seeks India ruling

A COMPANY which says it bought property in India, allegedly controlled by bankrupt billionaire Sean Quinn and members of his family, wants the Commercial Court to rule that proceedings over the matter should be heard in India.

Dubai-based Mecon FZE was given permission by Mr Justice George Birmingham yesterday to give short notice of its intention to apply to the court on Monday to be taken out of proceedings.

The proceedings were brought by the Irish Bank Resolution Corporation (IBRC) against Quinn family members and several companies, including Mecon, over assets which the bank says are part of the Quinn international property group (IPG).

Mecon was one of several international companies over which freezing orders had been obtained in Ireland as part of IBRC's efforts to recover multi-million euro assets linked to the Quinns.

Two members of the Cavan family – Sean Quinn Snr and Jnr – have already been jailed for contempt of court for failing to comply with orders preventing asset-stripping from the family's international property group (IPG) so as to put them beyond the bank's reach.

IBRC is seeking orders that the Quinns and the various international companies hold property, and any funds transferred since April 14 last year, from a company called Mach Soft Tech Pvt Ltd (MST), as constructive trusts for the bank.

IBRC also seeks a declaration that the company (Mecon) had unlawfully participated in a share transfer and had conspired to transfer shares in MST at an undervalue as well as conspiring to wrongly convert or misappropriate shares in MST.

The bank claims Mecon conspired to put the shares beyond IBRC's reach or conspired to frustrate any order it obtains in Irish court proceedings.

Irish Independent

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