Monday 25 September 2017

Quinns claim finance chiefs knew of unlawful Anglo loans

Tim Healy

BANKRUPT businessman Sean Quinn's family say the Department of Finance and the financial regulator were well aware the former Anglo Irish Bank gave unlawful loans to prop up its share price in 2008.

An email from Anglo's then CEO David Drumm – under the subject line "regulator squared" – is among documents being relied on by the family to support their claims, according to documents filed in the High Court.

The Quinns are attempting to have the Department of Finance and Central Bank joined as co-defendants with Anglo's successor, the liquidated Irish Bank Resolution Corporation (IBRC), in the family's action denying liability for €2.34bn in loans.

And yesterday, in a separate hearing, the Supreme Court ruled that IBRC can proceed with its appeal against a High Court decision allowing the Quinn family litigate claims the bank unlawfully "shovelled" €2.34bn loans into Quinn companies to shore up its share price.

Irish Independent

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