Claim Anglo ‘shovelled’ loans into Quinn firms

Anglo Irish Bank unlawfully tried to prop up its share price by “shovelling” about €2.34bn loans into companies in the Quinn Group after learning in Sept 2007 of a “towering” Quinn shareholding in Anglo that could collapse the bank.

That is according to Sean Quinn’s wife and children. The claims were made during the opening session of a case before the Commercial Court by the family to avoid liability for the loans.

When told by Mr Quinn in Dec 2007 a €400m loan was needed to pay off Quinn companies’ loans to avoid having to disclose the extent of the shareholding, Anglo CEO David Drumm said the bank would provide €500m “to tidy up matters”, according to the senior counsel for the family, Brian O’Moore.