Quinn family ‘unaware’ of company’s interests in Anglo, court told
Sean Quinn
The Commercial Court has heard that the wife and children of businessman Sean Quinn were unaware that multimillion loans to the group were used to prop up Anglo Irish Bank's share price.
The court is dealing with preliminary issues in the family's suit against the bank, now the Irish Bank Resolution Corporation (IBRC).
Mr Quinn's wife Patricia and their five adult children deny liability for IBRC loans of €2.3bn.
Their lawyers say they were unaware that a Quinn company held a 24% interest in Anglo, as it then was, and that millions were advanced by the bank for the illegal objective of manipulating the share price.
Today preliminary issues are being tackled with the question being whether the Quinn family can rely upon two codes of legislation in aid of any claim that the loans are unenforceable.
Their barrister Brian O'Moore has told the court in 2007 and 2008 Anglo paid to maintain the share price over fears a fire sale of shares could have resulted in catastrophe for the bank.
He says loan guarantees secured from shareholders Patricia Quinn and her five children are tainted by the illegality of Anglo's purpose.
