Sunday 19 November 2017

Quinn to be included in Anglo court battle

Dearbhail McDonald Legal Editor

BUSINESSMAN Sean Quinn is set to be included as a defendant in a major High Court battle between his family and Anglo Irish Bank.

Legal sources say it is "inevitable" Mr Quinn will be included as a party to the proceedings after his wife and children claimed they had been left "in dire circumstances" because they signed personal guarantees and pledged company shares to back almost €3bn in loans owed to Anglo.

The Quinn family claim that the loans were extended to their companies to support and maintain Anglo's share price as the shares collapsed in value before the bank was taken into state control.

Yesterday Anglo sent a formal request to Patricia Quinn and her children Ciara, Colette, Brenda, Aoife and Sean Jnr, seeking more details of their claims against the bank.

It comes as representatives of Anglo today fly to Stockholm to seek to appoint a bankruptcy receiver to a Quinn family vehicle in Sweden.

Mr Quinn's wife and family have claimed in a legal document grounding their lawsuit against Anglo, that personal guarantees and share pledges obtained by the bank were obtained "in circumstances of undue influence".

They have also claimed the bank gave them loans for the purpose of an illegal support of its own shares and have accused the lender of market abuse. The bank is expected to robustly challenge the claims.

Irish Independent

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