Quinns involved in assets conspiracy, Anglo claims
Brian Murray SC, for Anglo, told Mr Justice Frank Clarke that Quinn family members and Quinn company interests were in breach of injunctions the judge granted the bank last month restraining the Quinns and others from asset-stripping their companies abroad.
Anglo’s head of corporate projects, Richard Woodhouse, told the court matters had come to light that had not previously been disclosed by Sean Quinn, his daughters Ciara, Colette, Brenda and Aoife, his son Sean, his nephew Peter and sons-in-law Stephen Kelly and Niall McPartland, and Quinn Investments Sweden and Indian Trust. “The lack of candour demonstrates the defendants’ attitude and the covert nature of the scheme they are pursuing,” Mr Woodhouse said.
“I believe the withholding of key facts regarding their conduct confirms Anglo’s concerns regarding their intention to avoid repaying debts due to the bank.”
Anglo is owed about €2.8 billion by Quinn interests and Mr Murray said the bank was entitled to seek protection from Irish courts because nine of the defendants were resident here, and original loan agreements and securities were subject to Irish law.
Mr Woodhouse said steps taken in Sweden, Cyprus, Russia, India and Ukraine had been co-ordinated from Ireland and patently designed to benefit the defendants. He said these steps demonstrated a conspiracy to unlawfully damage the companies subject to share pledges in favour of Anglo and to transfer and denude these companies of assets.
“While the defendants maintain an appearance of incredulity as regards these matters, and repeatedly reiterate their entitlement to assert their legal rights pending determination of the disputes between themselves and Anglo, I believe they have no entitlement to conspire to act unlawfully, causing damage to Anglo and avoid at any cost their indebtedness to the bank.”
Bill Shipsey, SC for the defendants, questioned if an Irish court was the best place to decide matters relating to companies not registered in Ireland and which did not have assets in Ireland. Judge Clarke said he would decide next week whether to grant further orders restraining members of the Quinn family from making changes to their international businesses.
IN another court, before Mr Justice Daniel Judge O’Keeffe, Anglo won injunctions restraining Midleton solicitor Declan Guilfoyle, who says he is owed money by Anglo, from moving to liquidate the state-owned bank.
He was also restrained until next Wednesday from advertising a petition to wind up Anglo.
Barrister John Breslin, for Anglo, said the bid was an abuse of process.
