Appeal by Dubai firm rejected

A Dubai-based firm has failed to get a Supreme Court order aimed at preventing it being sued here over its acquisition of a multimillion-euro property in India from companies controlled by members of the family of businessman Sean Quinn.

However, if IBRC fails to take reasonable steps which both protect the Indian property and ensure Mecon FZE is not exposed to any greater risk than necessary, due to having to deal with proceedings brought by IBRC against it in Ireland and India, Mecon can renew its bid to stay the proceedings against it here, the court said.

IBRC alleges Mecon FZE is part of an alleged conspiracy by various Quinn family members and companies to place valuable assets beyond the bank’s reach.