Anglo bids to stop Quinn making changes to firms

Anglo Irish Bank is asking the High Court for an order stopping Sean Quinn and his family from making changes to their international businesses.

Anglo, which is owed €2.8bn, claims the Quinn family are stripping assets from companies and placing them in a new corporate structure leaving Anglo with virtually worthless securities.

In July, Anglo secured a temporary order stopping members of Sean Quinn's family from making changes to their international companies in places such as Russia, Cyprus and Ukraine.

It is alleged by the nationalised bank that assets had been moved into a new corporate structure for the benefit of the Quinn family and to Anglo's detriment.

Next week, the High Court will rule whether it has the jurisdiction to impose such restrictions on the Quinns who claim that the Irish proceedings cannot go ahead until another case in Cyprus is determined first.

Anglo say that could take five years.

In the meantime, the bank claims the court has discretion under European law to stop the Quinns from altering their international affairs which involve assets of around €500m.