ECJ to rule on Anglo-Quinn case

THE European Court of Justice is being asked to rule on a dispute between Anglo Irish Bank and Sean Quinn’s family.

As the battle between the two continues, it emerged yesterday that the High Court will ask the European court whether the courts in Ireland or Cyprus should decide where the dispute between Anglo and the Quinn family should be heard.

Anglo, which is owed €2.8 billion by the Quinn family, applied for injunctions earlier this year restraining the Quinns from making changes to their international businesses.

Anglo has alleged that there is a conspiracy on the part of the Quinn family to strip the companies of their assets and reduce the bank’s security. However the Quinns reject this claim.

The Quinn family began legal proceedings against Anglo earlier this year in which they challenged the appointment of the receiver appointed over their shares in some of the Quinn Group companies in Ireland. They are also taking action in Cyprus challenging Anglo’s appointment of a receiver over shares in a number of Cypriot companies.

Mr Justice Frank Clarke said EU regulations did not provide guidance as to which court should decide who should have jurisdiction to hear the matter. He said he was referring the matter to the ECJ.

On March 30, 2010, provisional administrators were appointed to take control of Quinn Insurance, which had 1.3 million customers.