THE IRISH Bank Resolution Corporation, formerly Anglo Irish Bank, has initiated proceedings in Northern Ireland against two companies associated with Seán Quinn’s family.
The state-owned bank is alleging that the two companies assigned assets to other parties to the detriment of their creditors.
The companies concerned are Demesne Investments Ltd, of Derrylin, Co Fermanagh, and Innishmore Consultancy Ltd, of Enniskillen, Co Fermanagh.
The companies have had dealings involving debts due to IBRC and which are associated with properties in Kiev and Moscow worth in excess of $200 million.
Earlier this month Mr Justice McCloskey extended injuctions he had granted the bank preventing two offshore companies from trading in certain rights they have in relation to the debts.
Yesterday these injuctions were extended to February 23rd. The bank is seeking to ascertain who are the beneficial owners of Galfis Overseas Ltd, of Belize, and Lyndhurst Development Trading SA, of the British Virgin Islands.
The court set a date of March 27th for the hearing of the action against Demesne and Innishmore.
The injunctions granted by Mr Justice McCloskey prior to Christmas detailed loan agreements and assignments made during 2011. One injunction cited a loan agreement Demesne entered into with Galfis. A second injunction cited a supplementary loan agreement dated April 6th, 2011, between Demesne, Innishmore Consultancy Ltd, and Univermag, the latter being a Ukrainian company that operates a Kiev shopping centre. It also cited an October 7th, 2011, agreement between Innishmore and Lyndhurst, and a November 4th, 2011, supplementary loan agreement between Innishmore, Lyndhurst and Univermag.
The two offshore companies are complicating the bank’s efforts to seize the two properties. Mr Quinn is a former director of Demesne. Stephen Kelly, an accountant married to Mr Quinn’s dauther Aoife, was appointed a director of Innishmore on April 17th, 2011, and resigned on June 20th, 2011. The company is owned by Peter Quinn jnr, a nephew of Mr Quinn’s.
