Quinn accused of contempt over alleged asset-stripping

Lawyers for the former Anglo Irish Bank say they have documents that prove a court order to stop members of Seán Quinn's family from moving certain assets has been breached.

The now-renamed Irish Bank Resolution Corporation (IBRC) is taking contempt proceedings in the High Court against the bankrupt businessman, his nephew Peter Darragh Quinn and Sean Quinn Junior.

The IBRC claims to be owed €2.8bn by the Quinn family, and allege that the family has made efforts to move assets providing security on these loans beyond the reach of the bank.

They say these international property assets are held by a labyrinthine web of companies and that Seán Quinn, his son and his nephew have breached a court order from last summer stopping them from moving the assets around.

Senior counsel for the bank Paul Gallagher claims they have documents to back up this claim in relation to a company Finnanstroy in which asset stripping of a valuable commercial tower in Moscow is alleged – the beneficiary being an apparently unconnected third party, a mysterious Ukrainian former railway worker.

Bankrupt businessman Seán Quinn is in court and may have to take the stand during the hearing, which is likely to run for around eight days.