Former founder and CEO of the Quinn Empire, Sean Quinn Snr, his son Sean Jnr and nephew Peter Darragh Quinn have been given three weeks to comply with High Court orders to unravel their complex financial transactions at home and abroad or face prison terms.
Ms Justice Elizabeth Dunne found the three were in contempt of court last Tuesday for putting up to €500m of assets beyond IBRC’s (formerly Anglo Irish Bank) reach.
There was bated breath locally as former employees and supporters of Sean Quinn waited for the judgement which could have seen a previous local champion, behind bars. The Quinns escaped prison on Friday last, June 29 in return for co-operation with the courts to disclose all of their assets in Ireland and around the world to the IBRC. A receiver has been appointed to all of their personal assets - aside from their family homes and bank accounts shared with their spouses or siblings. The IBRC secured a series of orders from High Court judge Ms Justice Elizabeth Dunne, who warned that she “would not sit idly by” and allow court orders to be broken.
The Quinns must comply before July 20 and the wide-ranging orders state they must disclose all documents relating to work carried out for them by an international law firm, Senat Legal Consultancy, including all documents related to all off-shore or other companies purchased or controlled by Senat in connection with IPG companies. They must also disclose rental payments related to IPG companies and all directors and other agents of the companies. Lawyers for the Quinns sought a postponement on Judge Dunne’s orders in the event of an appeal by the Quinns, but this was refused.
On Monday, July 2 The Commercial Court in Dublin heard that Thomas Browne, former Anglo Irish Bank Head of Lending intends to subpoena bankrupt businessman Sean Quinn Snr, former Executive Liam McCaffrey and Senior Quinn Group Executive Dara O’Reilly in defending the bank’s claim for €50m judgement orders against him.
Meanwhile, Sean Quinn will learn this week whether he is entitled to defend a legal action which could result in judgement for more than €2.3bn being entered against him in favour of the former Anglo Irish Bank. In its defence to proceedings Mr Quinn’s wife, Patricia, and children are arguing they have no liability for some €2.3bn loans made by Anglo to Mr Quinn.