Quinns ‘want compensation for stripped assets’

The liquidated Irish Bank Resolution Corporation has argued that the Quinn family, in seeking a fortified undertaking for it to pay US$500m (€380m) damages should they successfully defend its case against them, are effectively seeking compensation for the value of assets they themselves stripped from their family’s international property group.

“How is that a logical proposition?” Brian Murray SC, for the bank, asked in the High Court yesterday.

The Quinns had admitted the bank was owed US$450m but disputed it was owed a further €2.34bn, he said. The bank was therefore entitled to appropriate assets in that value, he argued.