Ruling later in Quinn action

A judge will rule later on an application by members of the family of businessman Sean Quinn for orders permitting them cross-examine Irish Bank Resolution Corporation special liquidator Kieran Wallace regarding claims they may be hiding up to €500m undisclosed assets from the bank.

Ruling later in Quinn action

The Quinns claim Mr Wallace made serious and prejudicial comments in an affidavit, based on claims from unidentified informants, presented in a “peculiar and improper manner” before the Commercial Court last May. The bank had gone on a “wild goose chase”, they contend.

IBRC opposed their application to cross-examine Mr Wallace as “unreal” in a context where, the bank argued, there was evidence of a scheme to strip substantial assets from the family’s international property group.

Meanwhile, the Office of the Director of Corporate Enforcement is to release to Irish Bank Resolution Corporation witness statements provided by businessman Sean Quinn, members of his family and former Quinn Group executives in connection with criminal proceedings against three former Anglo Irish Bank executives.

IBRC sought the 67 statements or précis of evidence for use in its defence to the proceedings brought against it by Mrs Patrica Quinn and her five adult children alleging they are not liable for some €2.3bn loans advanced to Quinn companies by Anglo due to those loans having allegedly been illegally made.

IBRC denies the claims and has counter-claimed for the recovery of sums which it claims are owed arising from security given over the disputed loans.

The family’s case is due to open in April. Sean Quinn Snr and two former Quinn Group executives Dara O’Reilly and Liam McCaffrey are third parties to the case.

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