independent

Thursday 24 April 2014

Quinns could give evidence in ex-Anglo execs' trials

SOME members of the family of bankrupt businessman Sean Quinn may be called to give evidence for the prosecution in the criminal trials of former Anglo Irish Bank executives, the Commercial Court has heard.

Former Anglo chairman Sean FitzPatrick, former finance director Willie McAteer and the former managing director of the bank in Ireland, Pat Whelan, are awaiting trial in the Circuit Criminal Court on charges of providing unlawful financial assistance to 16 individuals in July 2008.

As it appears some of the Quinns "are in fact witnesses for the prosecution", they are unlikely to oppose an application by the DPP to defer their own action against the bank, pending the outcome of those criminal proceedings, Martin Hayden, for the Quinns, told Mr Justice Peter Kelly.

Transcripts

It also emerged yesterday that around 250 hours of transcripts of phone conversations dating from 2007 between Anglo, the Department of Finance and the Central Bank – as regulator of Anglo – concerning matters arising from Sean Quinn building up a stake in the bank to 29.4pc have been passed to the Quinns.

This is part of the discovery process in the Quinns' action against the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank.

Those transcripts and other documents were provided by IBRC to the Quinns' new lawyers in November for the purposes of a possible application by the family to have the Central Bank and department joined as co-defendants in their case.

Mr Hayden said the "level of interaction" between the department, Central Bank and Anglo had only become obvious from the transcripts.

In their action, the family contend they are not liable for loans of €2.34bn advanced to Quinn companies by Anglo – on grounds those loans were unlawful.

Irish Independent

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