The Office of the Director of Corporate Enforcement is to release to Irish Bank Resolution Corporation witness statements provided by businessman Seán Quinn, members of his family and former Quinn Group executives in connection with criminal proceedings against three former Anglo Irish Bank executives.
IBRC sought the 67 statements or précis of evidence for use in its defence to the proceedings brought against it by Patricia Quinn and her five adult children alleging they are not liable for some €2.3 billion loans advanced to Quinn companies by Anglo Irish Bank due to those loans having allegedly been illegally made.
Counter-claim
IBRC denies the claims and has counter-claimed for the recovery of sums which it claims are owed arising from security given over the disputed loans.
The family’s case is due to open in April and to run for up to nine months. Seán Quinn snr and two former Quinn Group executives, Dara O’Reilly and Liam McCaffrey, are third parties to the case.
Judgment was previously granted against Mr Quinn for sums of €417 million and €1.6 billion arising from guarantees and indemnities of loans to Quinn companies.
When the Quinns and the executives failed to hand over the witness statements made by them, IBRC applied to the Commercial Court for orders permitting the ODCE to release the statements to it.
The ODCE had indicated, if such an order was made, it would provide the statements. The ODCE said, given the nature of its confidentiality obligations, it did not consider it could voluntarily do so.
IBRC solicitor Karyn Harty said in an affidavit the statements were relevant and necessary for the fair disposal of the proceedings and they were not otherwise obtainable than by court order.
In those circumstances, Mr Justice Brian McGovern granted an application by Shane Muprhy SC, for IBRC, for discovery of the statements by the ODCE.
The statements were provided by members of the Quinn family for use in the criminal proceedings brought against three former Anglo executives: former chairman Seán FitzPatrick and executives pat Whelan and Willie McAteer.
Mr Whelan of Malahide, Co Dublin and Mr McAteer of Greenrath, Tipperary were convicted in April 2014 of breaching the Companies Act by illegally lending money to the “Maple 10” group of investors so they could buy shares in the bank for the purpose of stabilising the bank’s plummeting share price. They were acquitted of lending money for the same purpose to members of the Quinn family. They later got 26 hours community service.
Mr FitzPatrick of Greystones, Co Wicklow was acquitted on all 16 counts against him.
