Seán Quinn leaves the High Court in Dublin yesterday. (Pic: PA)
Bankrupt ex-billionaire Seán Quinn, his son Seán and nephew Peter Darragh Quinn have avoided jail for contempt of court after hiding a €500m property portfolio from the former Anglo-Irish Bank.
The High Court in Dublin will reassess the Quinns level of co-operation with the rebranded zombie bank at a later date as it pursues more than a dozen other lawsuits in Ireland and worldwide to recoup debts.
The three were found in contempt this week for trying to move holdings in the Ukraine and Russia into shelf companies and hide them from the bank.
Mrs Justice Elizabeth Dunne’s damning judgment found them to have been blatantly dishonest and deceitful when questioned on the movement of assets.
After hearing arguments to coerce the Quinns to co-operate, she added: “I find it disappointing, at even this late stage, there seems to be no acknowledgment of the wrongdoing that has been done by the respondents in relation to specific matters that have been done.”
Bust business tycoon Quinn owes the Irish Bank Resolution Corporation €2.8bn after running up unprecedented losses through secret stock investments in Anglo.