herald

Friday 31 October 2014

Quinn family could give evidence in Seanie's Anglo trial

members of the family of bankrupt businessman Sean Quinn, left, may be called to give evidence for the prosecution in the criminal trials of former Anglo Irish Bank executives, the Commercial Court heard.

Former Anglo chairman Sean FitzPatrick, former finance director Willie McAteer, and former managing director of the bank in Ireland Pat Whelan are awaiting trial in the Circuit Criminal Court on charges of providing unlawful financial assistance to 16 individuals in July 2008.

As it appears some of the Quinns "are in fact witnesses for the prosecution", they are unlikely to oppose an application by the DPP to defer their own action against the bank pending the outcome of those criminal proceedings, Martin Hayden, for the Quinns, told Mr Justice Peter Kelly.

It also emerged yesterday about 250 hours of transcripts of phone conversations dating from 2007 between Anglo, the Department of Finance and the Central Bank (as regulator of Anglo) concerning matters arising from Sean Quinn's building up a stake in the bank to 29.4pc have been discovered by Irish Bank Resolution Corporation (formerly Anglo) for the family's action.

Those transcripts and other documents were provided by IBRC to the Quinn's new lawyers in late November for the purposes of a possible application by the family to have the Central Bank and Department joined as co-defendants in their case.

Mr Hayden said it had only became obvious from the transcrips the "level of interaction" between the department, Central Bank and Anglo.

His side was "firmly of the view" there were grounds for joining the department and Central Bank but needed another four weeks to properly review the material.

In their action, the family contend they are not liable for loans of €2.34bn advanced to Quinn companies by Anglo on grounds those loans were advanced for the illegal purpose of propping up the bank's share price.







Criminal

Their case was provisionally fixed for hearing on April 9 but is now almost certain not to proceed then in light of the criminal proceedings and the possible application to join the Central Bank and the department.

When the case was mentioned yesterday, Mr Hayden sought four weeks to consider whether to join those parties.

Mr Justice Kelly said he would grant the four weeks sought but there "must be certainty" about the joinder application when the matter returned to court on February 11.

The DPP's application to stay the family's action will come before the judge on January 29 and is likely to be unopposed.

hnews@herald.ie

Promoted articles

Opinion

Entertainment News