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."