01/11/2012

Quinns Due Back In Court

Sean Quinn and his son are due back in a Dublin court later as the inquiry continues as to whether or not the former billionaires have complied with court orders.

Sean Quinn was once the richest man in Ireland, but declared himself bankrupt last year.

At the High Court at the end of July 2012, it was found that Sean Quinn, his son Sean Quinn Jnr and his nephew Peter Darragh Quinn had defied court orders by asset stripping.

Miss Justice Elizabeth Dunne said their evidence had been "evasive, incredible and untruthful".

The men were found to have put about half a billion euros beyond the reach of the Irish Bank Resolution Corporation (IBRC), formerly bailed-out Anglo Irish Bank.

Sean Quinn Jnr was sent to jail for three months, while his father was spared a sentence in order to take steps to reverse the asset-stripping scheme.

Peter Darragh Quinn avoided jail by not showing up at the July hearing and remaining in Northern Ireland.

The hearing will decide whether both men have adequately complied with court orders.

Lawyers for IRBC have said there has been no co-operation from Sean Quinn Snr to comply with court orders to reverse the asset-stripping of Quinn companies.

The court was told "nothing had been done and no steps had been taken".

It is still possible that the bank could apply to jail the Quinns.

(IT)

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