Wednesday 26 November 2014

Credit to IBRC in bid to pursue Quinn millions

Published 31/05/2014 | 02:30

THE fallout from the collapse in all but name of the Irish banking system will be played out in civil and criminal courts in Ireland and elsewhere for years to come. The Irish population is largely immune to various revelations after six years of scandal and austerity as well as mass emigration and unemployment.

The jailing, two years ago, of former billionaire Sean Quinn, his son Sean Jnr and his nephew Peter Darragh Quinn – who evaded jail by skipping the country – represented a high watermark in public outrage.

That outcry was eclipsed by revelations contained in last year's Anglo Tapes published in the Irish Independent.

In contrast, the public's response to the outcome of this year's Anglo trial was much more muted.

But the ongoing saga between the Quinn family and the former Anglo Irish Bank still has the capacity to shock.

Yesterday the Commercial Court heard that IBRC (formerly Anglo) had struck a deal with two informants.

The informants claim they have knowledge of substantial assets held for the benefit of the family that had not been disclosed, despite court orders to do so.

The cross border court actions yielded mixed results for IBRC.

It will take many years for the courts to decide who is right or wrong in the Quinn/Anglo debacle.

But the public has a stake in the outcome and IBRC is to be commended for its continuing efforts to recover the Quinn's missing millions.

Irish Independent

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