SEAN Quinn Jnr has finally purged his contempt of court – after a businessman gave him a loan secured on his half-share of the Dublin home owned by Mr Quinn and his pregnant wife Karen Woods.
The High Court ruled that a €210,000 payment by Sean Quinn Jnr, raised by himself and his wife through a charge on their home, had finally purged his contempt of court orders.
Ms Justice Elizabeth Dunne said she was “grateful” that the contempt matter, ongoing since June 2012 when she made a finding of contempt against Mr Quinn, was finally at an end.
She made the remarks after accepting an undertaking by Larry Brennan, solicitor for Mr Quinn, to pay the sum of €210,000 to solicitors for Quinn Properties Sweden, a company now controlled by receivers appointed by Irish Bank Resolution Corporation (IBRC), to finally purge his client's contempt.
The €210,000 had been lodged by Mr Quinn in his solicitor's client account, the court heard.
The judge said she was satisfied that the undertaking by Mr Brennan to pay out the monies to Dillon Eustace, solicitors for Quinn Properties Sweden, “resolves every aspect of the matter” as far as Mr Quinn was concerned.
She also directed that the substantial costs of multiple applications concerning the purging of the contempt should be paid by the ultimate loser of the action brought by IBRC against Mr Quinn and other members of his family, plus a number of companies.
In that action, IBRC alleges a conspiracy to put assets in the Quinns' international property group (IPG) beyond the bank's reach.
The full hearing of the action has been parked pending the outcome of criminal proceedings against former executives of Anglo Irish Bank, IBRC's predecessor in title.
Pending that full hearing, IBRC secured injunctions in June and July 2011 restraining the Quinns and others from putting IPG assets beyond its reach.
It later brought contempt proceedings against Sean Quinn Snr, his son Sean Jnr and his nephew Peter Darragh Quinn alleging they had acted in contempt of those injunctions.
After hearing evidence on behalf of the bank and the three men, Ms Justice Dunne in June 2012 made a finding of contempt against all |three.
She imposed a three-month jail term on Sean Jnr and on Peter Darragh Quinn but only Sean Jnr served that term as his cousin failed to attend court for the judgment and a warrant for his arrest remains unexecuted, while he remains at his home in Northern Ireland.
Sean Quinn Snr also served a term of imprisonment over Christmas 2012.