Monday 18 December 2017

Anglo-Quinn war slowly disintegrating into a tragedy for the family

THE drumbeats of war sound louder in Cavan than in the hallowed halls of the Four Courts.

Ciara Quinn, daughter of bankrupt businessman Sean Quinn, has declared that the family was "at war" with the former Anglo Irish Bank.

But yesterday the family drew a veil of silence over a decision by the Supreme Court to uphold as valid a finding that Sean Quinn Jnr broke court orders not to interfere with the family's €500m strong international property group (IPG).

Ditto for the three-month jail term he received.

Sean Quinn Jnr is due for release tomorrow, but could find himself back behind bars before long if the IBRC (formerly Anglo) seeks his recommittal.

The ruling does not augur well for Sean Quinn Snr, who is facing sentence for a much larger series of contempts than his son.

And other family members must be dreading the bank's next moves in light of new evidence that has emerged since Sean Quinn Jnr's sentence.

But for all the James Bond style legal adventures, the ongoing war between the Quinns and Anglo is slowly disintegrating into a tragedy for the family, however much self-inflicted.

The IBRC isn't exactly popping the champagne corks either.

It is defending a High Court action by the Quinns who claim that more than €2bn worth of loans were issued to the family to prop up the bank's shares.

The appalling vista for the bank and, by extension, the State -- which could face eye-watering claims from institutional investors if the Quinn's case succeeds -- has not evaporated with the jailing of Sean Quinn Jnr.

The war isn't over, it's just entered a new phase.

Indo Business

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