Sunday 16 December 2018

IBRC obtains €121m judgment against wife of Sean Quinn

Patricia Quinn: Did not oppose IBRC application. Photo: Lorraine Teevan
Patricia Quinn: Did not oppose IBRC application. Photo: Lorraine Teevan

Tim Healy

Irish Bank Resolution Corporation (IBRC) has obtained a €121m judgment against Patricia Quinn, wife of businessman Sean Quinn.

It means Ms Quinn, who was declared bankrupt in 2011 on the application of IBRC, will no longer be involved in the action by members of her family denying liability for some €1.24bn loans made by the former Anglo Irish Bank, IBRC's predecessor in title, to various Quinn companies.

Ms Quinn's five adult children are continuing with that case, expected in March.

The €121m, including interest, arose from a guarantee and indemnity provided by Ms Quinn in October 2008 guaranteeing repayment of an around €100m facility provided to a Cypriot company, Morboneto Holdings Ltd. The judgment application was granted at the Commercial Court by Mr Justice Robert Haughton.

Separately, Mr Justice Haughton ordered two men, Michael Waechter and Willem Smit, who are alleged to be directors and/or officers of companies based in the United Arab Emirates, should be jailed for "serious" contempt if they do not comply within days with certain orders intended to prevent alleged asset stripping from companies of the Quinn family.

Irish Independent

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