IBRC "may have uncovered fraud" claim
The High Court in Belfast has heard that fraud and contempt of court proceedings may be initiated by Irish Bank Resolution Corporation as part of its legal battle against the businessman Seán Quinn.
The bank is seeking to take control of properties linked to the Quinn Group in Eastern Europe.
It claims the businessman, who declared himself bankrupt in Northern Ireland in November, owes it more than €2 billion.
IBRC is seeking to seize valuable properties in Ukraine and Russia which are linked to loans which were given to companies owned by the family of the businessman Seán Quinn.
A judge at the High Court in Belfast has granted continuing injunctions against creditors who are seeking to wind up a company which owns a shopping centre in Kyiv. A similar order involving a property in Moscow was also granted.
The injunctions relate to two companies which have offices in Co Fermanagh – Demesne Investments and Innishmore Consultancy – and two offshore firms – one based in the British Virgin Islands, the other registered in Belize.
These companies are now prevented from dealing with loan agreements linked to the properties in Eastern Europe which were originally bought by the Quinn family and mortgaged against loans issued by Anglo.
The Quinns were not represented in court today. Seán Quinn, once Ireland’s richest man, is involved in a number of complex legal battles with IBRC. It is currently seeking to overturn his bankruptcy status in Northern Ireland.
A barrister for the bank told the High Court its legal action against the Quinn family may have uncovered evidence of fraud, but Mark Horner QC did not give further details about what the bank claims to have discovered. He told the judge that contempt of court proceedings may be initiated at a future date.
Extending the injunction orders to January 26, Mr Justice McCloskey said he believed there could be significant developments in the case over the coming months.