The former Anglo Irish Bank wants to jail Sean Quinn and members of his family over the transfer of foreign property assets.
The bank, now known as the Irish Bank Resolution Corporation, will begin High Court action against Quinn’s family in Dublin next week.
Lawyers acting on behalf of the IBRC will demand that Quinn, once Ireland’s richest man, be jailed along with his son Sean Junior and nephew Peter Quinn.
They hold that the Quinns are in contempt of the court over the alleged transfer of millions of euro in foreign property assets.
The former Anglo bank is claiming that the trio breached court orders not to interfere with the family’s $650m international property portfolio.
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A report in the Irish Independent says that 25 properties in seven different countries including Ireland, Russia and the Ukraine are involved.
Papers were served on legal representatives of the three men by IBRC lawyers in Dublin on Monday after they got permission from High Court judge Mr Justice Frank Clarke to bring the contempt motion.
The charge claims that the Quinns, via companies and individuals connected to them, transferred assets into the control of offshore companies in Belize and the British Virgin Islands.
Just last week the IBRC lost part of a key case in the Ukraine that could thwart its efforts to seize a $78m shopping centre in Kiev, which was part of the Quinn Group.
The bank is also contesting the ownership of the $180m Kutuzoff Tower in Moscow.
The IBRC had previously claimed that the Kutuzoff Tower was sold by Sean Quinn’s five children to their cousin Peter for €1,000.
The Quinns, who could be jailed until they purge the contempt, have refuted the allegations and said they will ‘vigorously defend’ the charge.
A spokesman for the IBRC said: “This is a matter for the court and is at the court’s discretion.” The IBRC says it is owed almost $4billion by the Quinns.