Sean Quinn’s family are due to receive the first 20,000 or so documents in their massive discovery order against Anglo Irish Bank this week as part of their bid to prove their claim that the bank loaned up to €2.3bn to them illegally.
In total, the Quinns are due to receive 100,000 documents in relation to Sean Quinn’s borrowings from Anglo Irish Bank. The Quinn family have identified 25 people they believe had knowledge inside the bank of their father’s loans.
The discovery into the case comes following a few revelations last week.
The former Anglo Irish Bank announced it recorded losses lost up to €724 million in the first six months of this year. Commenting on the massive losses, Mike Aynsley, group chief of the IBRC said the Quinn Group “clearly wasn’t a profitable business.”
Defending the profitability and sustainibilty of Quinn Insurance and the Quinn Group, Collette Quinn daughter of Sean wrote in the Sunday Independent on August 26. In the article she stated, “The Regulator’s flawed interpretation of the impact of these guarantees is fundamental in what has occurred over the past 28 months, and why the €1.6bn levy is now required.” She concluded saying, “I firmly believe my family has been unfairly criticised, while others who have been complicit in the complete destruction of QIL are holding back information that should be made public. After all, the public are paying the price.”
Last week, it was revealed that a signature of former Quinn Group Finance Director Dara O’Reilly (who was removed from the Quinn Group in April 2011) was on the transfer documents of a €72m property in India to an offshore company. Mr O’Reilly and the Quinn family deny his involvement in the transaction, but the revelation raises major questions over who made the transfer, and who is now benefiting from the estimated $6m (€4.8m) in annual rent generated by the office complex in Hyderabad, India.
Last Friday, August 24 the High Court heard that Sean Quinn and his children are in breach of court orders obliging them to disclose details of their assets. At the end of July, Mr Justice Peter Kelly granted a range of orders to IBRC freezing the assets of the Quinns, bar living expenses, appointing receivers and directing full disclosure to the bank of the family’s assets. Sean Quinn, his children and two in-laws were to complete the disclosure process by August 13. The Supreme Court will hear the appeal of the contempt of court judgement on Sean Quinn Snr, Sean Jnr (serving 3 months) and Peter Darragh Quinn on October 2.