Wednesday 17 January 2018

Court orders Sean Quinn to pay over €1.7bn to Anglo reporters

ONE-TIME billionaire Sean Quinn has been ordered to repay over €1.7bn to the now-nationalised Anglo Irish Bank in a record judgement.

The Commercial Court order was made today and comes ahead of a separate bid to overturn a bankruptcy claim by Mr Quinn which will be heard in Northern Ireland later this month, by the bank which is now known as the Irish Bank Resolution Corporation.

Mr Quinn, who once built up a 28pc stake in Anglo through complicated investment instruments called contracts-for-difference, had given personal guarantees on the loans in question which were used to invest in businesses across the globe from cement to hotels.

The total debts include €1.52bn, $589m and 13bn Japanese yen.

Mr Quinn was not in the Commercial Court today.

Today’s claim had been delayed to give the receiver in charge of Mr Quinn's bankruptcy in the North a chance to tell the court if he wanted to challenge that claim although he will not be doing so.

Last week the Belfast court also ordered that Mr Quinn make himself available for the December hearing in case he is required to testify.

Mr Quinn voluntarily filed for bankruptcy in Belfast earlier this month, arguing he was resident in Co Fermanagh in Northern Ireland and his business was centred there, a move the bank is fighting.

Earlier Mr Quinn was ordered by the Commercial Court to pay €417m to IBRC.

In a response to today’s judgement, Mr Quinn said he was disappointed.

“Since I have already been declared bankrupt in Northern Ireland, I was effectively unable to defend these proceedings.

“However, it is well known that members of my family are currently disputing the legitimacy of the loans involved, through a High Court action in Dublin.”

He described the action by the bank as “pointless, self-serving and vindictive” as it does not improve the prospect of the recovery of taxpayer's money.

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