Formerly Ireland’s most wealthiest businessman, Sean Quinn has been found in contempt of court for placing his assets beyond the reach of the now defunct Anglo Irish Bank.
At Dublin’s High Court Judge Elizabeth Dunne declared Quinn, his son Sean and nephew Peter Darragh Quinn were all in contempt of court. She said they had taken every step possible to frustrate the bank.
All three family members were found to have disobeyed a court order relating to the family’s international property portfolio, the BBC reports.
Former Anglo Irish Bank which has been renamed the Irish Bank Resolution Corporation (IBRC) as accused Quinn of placing his assets beyond the reach of the bank.
To help Quinn’s debts of almost £2billion, the group had wanted to acquire some of his properties.
According to IBRC Quinn breached court orders which prevented the family accessing their property abroad. The three men denied the charges but admitted to interfering with properties in Russia and the Ukraine beyond the reach of the bank.
Give the seriousness of the contempt of their case, Judge Dunne said it would be difficult to persuade her against enforcing action with "a punitive element as well as coercive".
Delivering her ruling the Judge described Peter Darragh Quinn's evidence as “evasive, uncooperative and, at times, untruthful.”
She said she was not convinced that Sean Quinn and his son gave the truth in their evidence which she described as not credible.
It was "impossible to accept the evidence of Sean Quinn Senior that he had no hand, act or part in Quinn business after April 2011", she said.
The three members of the Quinn family are due back in the High Court on Friday.
Leaving the court Sean Quinn declared: "I am not dishonest."
5 Comments
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Switch to the desktop site to post a comment.Bythebay | Jun 28, 2012, 11:32 AM EDT
Sean Quinn flagrantly violated banking and finance laws for his own and his family's gain with no regard whatsoever for the catastrophic effect it would have on the banks he was literally robbing. Shame on Quinn, greed run amok. Certainly neither a person to be proud of or a person to be praised.
joelglach | Jun 28, 2012, 09:53 AM EDT
Sean Quinn is not dishonest.He was a self made Billionaire who left school at 15. His Business Ideas were laughed at by those of Doctorates.When he succeeded they were all interested and his Business ideals, mannerism , humility etc were not of theirs.Theres more to all this than we see as ,its plain to see some sort of ingenious set by his non conformation etc.
cuddlybuddly | Jun 28, 2012, 04:48 AM EDT
I believe Sean Quinn is quite certain He is not 'dishonest'. I accept He feels 'entitled' to his money and assets. He must surely have contempt for the courts putting him through this ordeal and that is why this man is a disgrace
americano | Jun 27, 2012, 11:40 PM EDT
The three Quinn's obviously want to protect their money and assets, and that is no surprise to anybody. Therefore the courts have to access and analyse their evidence in comparison to the facts, and then make their positive legal decision in order to protect the Irish taxpayers from having to provide the money to the state controlled IBRC Bank.
americano | Jun 27, 2012, 01:38 PM EDT
High Court Judge Elizabeth Dunne. Of course she is the Banker for the court corporation.