Northern Ireland

Sean Quinn's family 'victims' over multi-million pound loans

Sean Quinn
Image caption Sean Quinn was declared bankrupt in the Republic in January

A firm which was run by Sean Quinn's family has been a victim of disputed multi-million pound loan deals, the High Court in Belfast has heard.

In an unexpected move, the Irish Bank Resolution Corporation is seeking to have Demesne Investments Ltd switched from defendant to joint-plaintiff.

It is part of a battle for control of an international property empire.

A judge has requested more details before he hears the application next week.

Bankrupt ex-billionaire Mr Quinn was once considered the richest man in Ireland.

Demesne, a Fermanagh-based firm which came under the receiver's control last year, was one of four companies facing proceedings brought by the bank.

The others are the British Virgin Islands-registered Lyndhurst Development Trading, Galfis Overseas in Belize, and another Northern Ireland-based company, Innishmore Consultancy.

IBRC, as controller of Quinn Finance and Quinn Hotels Praha AS, is seeking to claw back tens of millions of pounds of loans.

It wants to seize a Ukrainian shopping centre once owned by the Quinn family as part of its overall bid to recover more than 2bn euros from the former tycoon.

A two-day hearing has been set for later this month to resolve a disputed arrangement for enforcing a debt over the mall in Kiev.

The bank fears assets may have been stripped to prevent it securing the money it claims to be owed.

The judge suggested more information was needed in order to make a decision.

Amid further claims of delaying tactics by Lyndhurst, Mr Justice McCloskey accepted its preparations were "highly unsatisfactory".

However, he stressed that the 27 March trial date was still in place.

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