Friday 27 April 2018

Quinn-Anglo showdown set for September in Cyprus

FINANCE

Laura Noonan

ANGLO Irish Bank and the Quinn family are gearing up for a Cyprus legal showdown on September 13, when the Quinns will argue that Anglo should be permanently banned from interfering with key international property assets.

The date for the hearing was handed down by a Nicosia court yesterday and comes as Anglo and the Quinns wage four separate battles for control of a €500m international property empire.

Yesterday's Nicosia hearing also gave three Cypriot companies at the heart of the case the right to defend themselves in separate proceedings being lodged in Russia, something Anglo had been pushing for.

The Russian case is now listed for the end of August; an Irish case is returnable on September 9; and the courts in Sweden are continuing to deal with the bankruptcy of two companies in the property labyrinth.

Anglo has been arguing that the Irish courts should have sole jurisdiction to decide the row and is expected to formally challenge the Cypriot court's jurisdiction at the September hearing to offset debts of €2.88bn owed by the Quinns.

Irish Independent

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