An action for contempt of court being taken by the Irish Bank Resolution Corporation against Seán Quinn, his son Sean Quinn junior and his nephew Peter Quinn has begun at the Commercial Court.
IBRC, formerly Anglo Irish Bank, alleges that the Quinns breached court orders preventing them from interfering with €500 million euro property assets in several different jurisdictions. The bank alleges the Quinns were involved in a conspiracy to put assets beyond the reach of the bank.
The Quinns deny the allegation that they breached court orders. They say any steps they took were taken before the Commercial Court granted its injunctions. The case is expected to last eight days.
If found guilty, the trio could be jailed until they ‘purge their contempt’ by overturning transfers of value that IBRC alleges are in breach of court orders granted last year.
The court heard 20 sworn documents have been submitted on behalf of the bank. And it heard that the bank intends to cross examine Mr Quinn, Sean Quinn Junior and Peter Quinn.