The Commercial Court has heard the wife and children of businessman Sean Quinn were unaware that multi-million loans to the group were used to prop up the share price of Anglo Irish Bank.
The court is dealing with preliminary issues in the family suit against the bank in which they are challenging claims they owe the bank €2.3 billion.
Sean Quinn’s wife Patricia and their 5 adult children deny liability for the loans of the now-titled IBRC.
Their lawyers say they were unaware that a Quinn company held a 24% interest in Anglo as it then was and that millions were advanced by the bank for the illegal objective of manipulating the share price.
Today preliminary issues are being tackled.
The question is whether the Quinn family can rely upon 2 codes of legislation in aid of any claim that the loans are unenforceable.
Their barrister Brian O’Moore has told the court in 2007 and 2008 Anglo paid to keep the show on the road over fears a firesale of shares could have resulted in catastrophe for the bank.
He says loan guarantees secured from shareholders Patricia Quinn and her 5 children are tainted by the illegality of Anglo’s purpose.
