Quinns’ scheme ‘reeking of dishonesty’

A “mesmerisingly complex” scheme devised by bankrupt businessman Seán Quinn and members of his family to put multi-million assets beyond the reach of the former Anglo Irish Bank and “to feather their own nests” has been described by a judge as the largest and most devious seen to date in the Commercial Court.

Mr Justice Peter Kelly said he has presided over the court since 2004 and regrettably, was having to deal more often with cases involving “national and international fraud, sharp practice, chicanery and dishonesty”. However, he had never seen anything like the conduct in this case.

He made the remarks when granting an application by Irish Bank Resolution Corporation, formerly Anglo, for appointment of Declan Taite as receiver over the worldwide assets of various Quinn family members and over various foreign companies based in Belize, Panama, Russia and United Arab Emirates allegedly linked to the assets-stripping. The Quinns consented to those orders.