Quinns devised ‘largest, most devious’ scheme to protect assets

Seán Quinn and his family devised the largest and most devious scheme the Commercial Court has ever seen to put multimillion-euro assets beyond the reach of the former Anglo Irish Bank, a judge has said.

Mr Justice Peter Kelly said the Quinns had created a scheme that was mesmerisingly complex and reeking of dishonesty and sharp practice, to put assets beyond the reach of the bank and “feather their own nests”. The judge said while he had presided over the Commercial Court since 2004 and was dealing more often with cases involving “national and international fraud, sharp practice, chicanery and dishonesty”, he had never seen anything like the conduct in this case.

He made the comments as he granted an application by Irish Bank Resolution Corporation, formerly Anglo, for the appointment of Declan Taite as receiver over the worldwide assets of various Quinn family members and over companies based in Belize, Panama, Russia and United Arab Emirates, allegedly linked to the assets-stripping.