Tuesday 17 October 2017

Irish Bank Resolution Corporation reacts to Sean Quinn contempt ruling

THE IBRC said today that the injunction against Sean Quinn, Sean Quinn Junior and Mr. Peter Darragh Quinn was put in place to protect certain property assets over which the Bank holds valid security from further interference.

In a statement the bank said it had invested considerable time and money in seeking to protect and ultimately to recover value from these property assets which are worth c. €500m and which are connected to the Quinn Family.

And it added: “It has been frustratingly obstructed from doing so in multiple jurisdictions by parties intent on putting those assets beyond the reach of the Bank and the Irish State.”

Commenting on today’s contempt ruling, Mr. Mike Aynsley, CEO, IBRC said: “Bringing this contempt motion was a valid and necessary step for IBRC to take. The proven planned, covert and illicit actions taken by the Quinns and connected parties have resulted in millions of Euros being lost or put at risk. IBRC will continue to seek to remedy this and recover as much of the remaining assets as possible on behalf of the Irish taxpayer.”

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