Quinns say ‘no liability’ for €2.3bn Anglo loans

THE family of bankrupt businessman Sean Quinn are effectively making the “extraordinary” case they have no liability for loans of €2.3 billion advanced to support Anglo Irish Bank’s share price on grounds Mr Quinn and the bank were engaged in the “criminal offence” of market manipulation, the bank has told the Commercial Court.

The hearing of the case as advanced by the family would involve an extensive examination by the court of the conduct of the bank and Quinn companies, could take up to nine months and cost millions of euro, including an estimated €1 million for 900,000 documents being sought from the bank, said Paul Gallagher SC, for the bank.

He was opening the hearing of Anglo’s application before Mr Justice Peter Kelly for orders directing a preliminary hearing to determine key issues in the family’s case.