Friday 19 December 2014

Quinn family case delayed amid fears of an 'overlap'

Tim Healy

Published 11/12/2012 | 05:00

Aoife Quinn and Sean Quinn Jnr – children of the bankrupt billionaire Sean Quinn Snr – leaving the Commercial Court

AN action by the family of jailed businessman Sean Quinn aimed at avoiding liability for €2.34bn in Anglo Irish Bank loans will be delayed due to two new developments, the Commercial Court has heard.

The DPP has asked to have the family's case – listed for April 9 next – deferred.

The Quinns are considering applying to join the Central Bank (as regulator of Anglo) and the Department of Finance as co-defendants to a case alleging €2.234bn loans were made by Anglo to Quinn companies for the unlawful purpose of propping up the bank's share price.

Any move to join the Central Bank and Department of Finance would "change the whole landscape" and recast the case, Mr Justice Peter Kelly said yesterday.

The judge heard the DPP, having seen legal documents in the family's case, wrote to the bank last week saying she believes the family action raises issues overlapping with issues in forthcoming criminal proceedings against former Anglo chairman Sean FitzPatrick and two former executives of the bank – William McAteer and Pat Whelan.

A date for those proceedings has yet to be set but the case will be mentioned on January 23.

If the family's case is heard before the criminal proceedings, the DPP is concerned it could prejudice those proceedings and therefore wants it deferred until after the criminal case.

Mr Justice Kelly said the Quinns were entitled to time to consider the DPP's inter-vention.

He fixed January 29 next to deal with the DPP's application and any application by the Quinns to join the Central Bank and the minister/Department of Finance to their case.

Irish Independent

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