Judge rules that Ireland's former richest man must be allowed to air allegations of market abuse against Anglo Irish in court
Ireland's one-time richest man, Sean Quinn, has been granted the right to challenge the former Anglo Irish Bank's legal action against him.
Quinn, who was a former shareholder in the bank that almost broke the Irish financial sector, is being pursued for billions by the now state-owned financial institution, which has been renamed the Irish Bank Resolution Corporation (IBRC). His fall from the country's wealthiest entrepreneur to the edge of bankruptcy has come to personify the collapse of the "Celtic tiger" economy in the republic.
But Quinn's legal battle with IBRC will continue thanks to a decision in the Dublin high court on Thursday, when Mr Justice Peter Charleton gave his ruling on a preliminary issue in the family's challenge against the former Anglo Irish Bank.
The Quinn family alleges that Anglo lent them more than €2bn for the illegal purpose of propping up its own share price. The court has now ruled that Patricia Quinn and the couple's five children are entitled to argue that the IBRC breached market abuse regulations and company legislation in its loans to the family.
The judge said it would be contrary to public policy were the Quinns to be prevented from challenging the "flagrant illegality" they allege against IBRC, adding that if a series of financial transactions could be described as "horrific", that term would apply to the allegations made by the Quinns against the bank.
The main action being taken by the Quinn family against the bank is due to be heard at a later date.
In a statement, the Quinns said they were very pleased with the outcome of the high court judgment. "The family welcome the opportunity to present their case to the high court in the fullest possible way. The outcome of today will permit us to do so," the statement said.
