Friday 27 April 2018

Aoife Quinn goes after Central Bank and Cowen

Tom Lyons

Aoife Quinn, the daughter of former billionaire Sean Quinn, has lodged papers in the High Court to join the Central Bank and the Minister for Finance to her siblings' mega legal action against the former Anglo Irish Bank.

The move will bring former Taoiseach and Minister for Finance Brian Cowen on to centre stage, as the Quinn children seek to discover who knew what and when about their father's disastrous punt on Anglo's shares.

Aoife's Quinn's affidavit quotes Cowen's statements to the Dail setting out his interactions with the Central Bank, the Financial Regulator and others in relation to the Quinn /Anglo situation.

It also quotes transcripts of internal phone conversations within Anglo where Cowen is referred to, as well as citing publicly available documents and interviews relating to the affair.

Quinn's affidavit quotes from a report commissioned by Donal O'Connor, the former chairman of Anglo, entitled "Review of Quinn Group and related Transactions 6th January, 2009".

It also draws on legal advice prepared for the Department of Finance by Arthur Cox on January 15 2009 entitled "High Level Material Legal Issues Report".

The various reports outline the sequence of events in the run-up to the so-called Maple 10 transaction when Sean Quinn's large contracts for difference position in Anglo was resolved in July 2008.

Aoife Quinn has identified a significant number of times which refer explicitly to interactions between Anglo and the Central Bank/Financial Regulator.

In addition, Aoife Quinn states that she believes the decision by the State to liquidate Anglo was another reason why she believed the Central Bank and the Department of Finance needed to be added as co-defendants to their action.

The Quinn children – Ciara, Collette, Brenda, Aoife, Patricia and Sean Quinn Jr – are also suing their own father and two of his former executives Dara O'Reilly and Liam McCaffrey.

This is because the Quinn children believe they did not have sufficient information about what was going on in relation to Anglo before they agreed to take on the multibillion debts associated with it.

Irish Independent

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