Dubai firm fails in bid to delay action over Quinn assets

A Dubai-based firm has lost its application for a stay on legal proceedings against it arising out of its acquisition of property from companies controlled by the Quinn family.

Mecon FZE wants to be taken out of proceedings brought by the Irish Bank Resolution Corporation against Quinn family members and several companies, including Mecon, over assets which the bank says are part of the Quinns’ international property group (IPG).

Mecon claims it legitimately acquired a property, known as Hi Tech Park in Hyderabad, India, at “arm’s length” from an entity controlled by the Quinn family. The property is said to be worth €60m.