Saturday 21 April 2018

Quinlan was 'incredible' witness, says McKillen team

Shane Hickey in London

FINANCIER Derek Quinlan has been called an "incredible" witness whose testimony lacked credibility in a contentious legal battle over the ownership of three London hotels.

A legal representative of Irish investor Paddy McKillen questioned comments made by Mr Quinlan in the witness box during the trial surrounding the ownership of Coroin, the company which runs Claridges, the Connaught and the Berkeley.

Mr McKillen is suing the Barclay brothers over their attempts to take over Coroin. Last year, the pair increased their stake in Coroin by buying Mr Quinlan's share off NAMA.

The High Court in London has heard of a series of payments made by the Barclays to Mr Quinlan, said to be help for a friend in a time of need. Mr Quinlan denies the payments had anything to do with the decision to sell the shares to the Barclays.


Yesterday, Philip Marshall, for Mr McKillen, said claims Mr Quinlan was working in the best interests of creditors through 2010 and 2011 were "utterly incredible".

"Your lordship can see from the way in which the events proceeded and from the documents how he simply did not do so," Mr Marshall told judge David Richards.

He said there had been a complete lack of co-operation between Mr Quinlan and NAMA which resulted in the 'bad bank' appointing receivers.

It is expected that Tuesday will be the final day of closing arguments in the case, which started in March. The judge will then retire to consider his verdict. He thanked the legal teams for the amount of work which they had put into the case.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business