Wednesday 13 December 2017

Fall of the financial family

2006/2007: Sean Quinn begins building a stake in Anglo Irish Bank, a gamble that costs him about €3bn.

March 2010: The Central Bank appoints a temporary administrator to take control of Quinn Insurance after learning the insurer's assets were used to guarantee loans for Quinn's Anglo gamble.

April 13, 2011: Anglo seizes control of the Quinn Group, enforcing guarantees granted by the Quinn children when their father borrowed for the Anglo share bet. The Quinn hotels and international property companies are also seized.

Summer 2011: The Quinn children begin a lawsuit against the bank, claiming the seizure of the Quinn Group was illegal. Anglo Irish Bank obtains a court order in Dublin on June 27 banning the family from interfering with the international property portfolio.

February 2012: Anglo (now known as IBRC) begins contempt of court proceedings against Sean Quinn, his son Sean Jnr and his nephew Peter Darragh Quinn, alleging they have broken the June court order. A Dublin hearing is held in March.

June 26, 2012: A High Court judge finds the three Quinns guilty of contempt of court, and orders them to reverse transfers of property assets.

July 20, 2012: A judge finds the Quinns did not do enough to restore international property assets to IBRC's control. Sean Quinn Jnr and Peter Darragh Quinn are sentenced to three months in jail, Sean Quinn Snr is given more time to purge his contempt.

Irish Independent

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