Ireland's one-time richest man, Sean Quinn, has been granted the right to challenge the former Anglo Irish Bank's legal action against him.
Quinn, who was a former shareholder in the bank that almost broke the Irish financial sector, is being pursued for billions by the now state-owned financial institution, which has been renamed the Irish Bank Resolution Corporation (IBRC). His fall from the country's wealthiest entrepreneur to the edge of bankruptcy has come to personify the collapse of the "Celtic tiger" economy in the republic.
But Quinn's legal battle with IBRC will continue thanks to a decision in the Dublin high court on Thursday, when Mr Justice Peter Charleton gave his ruling on a preliminary issue in the family's challenge against the former Anglo Irish Bank.
The Quinn family alleges that Anglo lent them more than €2bn for the illegal purpose of propping up its own share price. The court has now ruled that Patricia Quinn and the couple's five children are entitled to argue that the IBRC breached market abuse regulations and company legislation in its loans to the family.
The judge said it would be contrary to public policy were the Quinns to be prevented from challenging the "flagrant illegality" they allege against IBRC, adding that if a series of financial transactions could be described as "horrific", that term would apply to the allegations made by the Quinns against the bank.
The main action being taken by the Quinn family against the bank is due to be heard at a later date.
In a statement, the Quinns said they were very pleased with the outcome of the high court judgment. "The family welcome the opportunity to present their case to the high court in the fullest possible way. The outcome of today will permit us to do so," the statement said.
1 comment:
The public rebellion in relation to the household tax marks the beginning of the Irish People letting the Government know that they are no longer prepared to tolerate waste.
All hell will break loose when the ordinary people of IReland realize that Anglo are squandering a minimum of 2 million euros of our money A WEEK in its vendetta against Sean Quinn for NO return. Compare that with what was on offer from Quinn just 12 months ago which would have seen the return of billions at NO cost to the taxpayer. But then of course, Aynsley and Co might not have been able to justify their salaries of 866,000 euros approx. euros a year.
The Government is afraid to annoy Dennis O'Brien who had serious findings leveled against him, as they say that he brings a lot of jobs into Ireland. Compare that to the absolute hatred and revulsion that they demonstrate to the greatest job creator this country has ever produced, Sean Quinn and it makes absolutely no sense except of course that O'Brien controls a large segment of the media and the media has been the tool that Anglo has misused to a despicable degree in its war with Quinn.
Now we hear that Noonan has cleared the way for large bonuses for bankers.
A suggestion was made a long time ago that mortgage holders should be encouraged to refrain from paying their mortgages as long as Anglo are given a free rein to squander our money re. Quinn. Watch this space for further developments in this regard.
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