Sunday 24 September 2017

Family's separate action against regulators

Tim Healy

THE family of bankrupt businessman Sean Quinn will bring a separate legal action against the Department of Finance and the Central Bank, over an alleged conspiracy with Anglo Irish Bank in advancing €2.34bn unlawful loans to Quinn companies.

The move means the actions of the financial regulators relating to the loans will now be subject to scrutiny by the courts.

Patricia Quinn and her five children yesterday withdrew their application to join the department and Central Bank, in their capacity as regulators, to their action against IBRC.

The Quinns will now issue separate proceedings against the department and Central Bank and will apply to the Commercial Court to have that case fast-tracked.

They will then apply to have similar issues in that case, and in their case against Anglo, heard together.

Meanwhile, the different legal issues arising in both cases will be addressed in separate cases.

Irish Independent

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