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Tuesday 12 December 2017

Hearing into Quinn family bid to transfer assets from Sweden reporters

A court hearing in which Anglo Irish Bank is seeking an injunction to prevent businessman Sean Quinn and his family transferring assets from Swedish companies has begun.

Anglo Irish Bank is owed €2.8 billion by Quinn family members and the case centres on companies through which the family’s worldwide property portfolio is held.

The matter is being heard before the High court sitting in Cork.

It is estimated that the family’s international properties are worth half a billion euro.

The bank is seeking to appoint a bankruptcy receiver to Quinn Investments Sweden, the main company behind the properties.

Earlier, Anglo secured five restraining orders temporarily freezing the corporate structure of the international property group.

The matter is being heard before Mr Justice Frank Clarke and is expected to last three days.

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