Dubai-based firm urges Supreme Court to prevent it being sued here over its acquisition of multi-million Euro property
Published 09/06/2016 | 19:28
A DUBAI-based firm has urged the Supreme Court to prevent it being sued here over its acquisition of a multi-million Euro property in India from companies controlled by members of the family of businessman Sean Quinn.
Irish Bank Resolution Corporation (IBRC) alleges Mecon FZE is part of an alleged conspiracy by various Quinn family members and companies to place valuable assets beyond the bank’s reach.
IBRC previously secured orders joining Mecon to its proceedings, initiated in 2011, against the Quinns and several companies over
assets the bank maintains are part of the Quinn international property group (IPG). Freezing orders were later obtained against Mecon and other alleged co-conspirators as part of IRBC's efforts to recover assets linked to the Quinns.
The full hearing of IBRC’s case has been “parked” pending various criminal cases involving former executives and employees of Anglo Irish Bank.
Mecon denies conspiracy and argues it legitimately acquired a property - Hi Tech Park in Hyderabad, India, with an estimated value of more than €60m - at "arm's length" from a complex entity controlled by the Quinn family.
In 2013, Mecon, whose directors are Indian residents, sought a stay in relation to the Irish proceedings against it on grounds including the appropriate forum was India where IBRC has also brought proceedings against Mecon.
IBRC claims the alleged events at the centre of the action against Mecon and the other defendants were formed, planned and directed from Ireland.
It claims Mecon unlawfully participated in a share transfer and conspired to transfer shares in a company - Mach Soft Tech Pvt Ltd (MST) - at an undervalue.
In January 2013, the High Court refused to stay the case here against Mecon and ruled that joining Mecon to the Irish proceedings was "sensible and just".
Mecon's appeal against that decision was heard by the Supreme Court today. The three judge court reserved judgment.