By Ann O’Loughlin
The family of bankrupt businessman Seán Quinn is formally seeking to sue the Central Bank and the Department of Finance, along with Anglo Irish Bank over the alleged making of €2.4bn unlawful loans to their companies.
Having examined a range of materials, including transcripts of phone calls made from 2007 between Anglo, the department and Central Bank, the Quinns have applied for leave to join the bank and department as co-defendants in the case. The hearing of their full action must however await the completion of criminal proceedings against former Anglo chairman Sean FitzPatrick and other former senior bank executives.
At the Commercial Court yesterday, Mr Justice Peter Kelly said he would hear the application in June.
In their action, the family contend that they are not liable for loans of €2.34bn advanced to Quinn companies by Anglo on grounds those loans were made for the illegal purpose of propping up the bank’s share price.
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