Anglo v Quinn case adjourned to cut duration of statements

THE DISTRICT Court in Cyprus has adjourned the Anglo Irish Bank versus Quinn case until Tuesday, October 11th, on the ground that legal statements would be long.

Judge Yiasemis Yiasemi agreed with lawyers from both sides that time would be saved if draft statements were handed in and only clarifications take place next time the court convenes.

The judge said that at the next hearing one hour would be allowed for clarifications, an hour and a half the maximum.

On behalf of the bank, lawyer Katia Kakoulli of Chrysses Demetriades law firm said her colleague for the Quinn family, Sotiris Pittas, had said his arguments would take four to five hours. As a result she would agree to hand in her draft statements.

Mr Pittas said he would certainly also need clarification time at the next hearing to explain “each different document” to justify their request that the injunctions should not be lifted.

Anglo’s head of corporate projects Richard Woodhouse told The Irish Times after the hearing that “this (development) is quite positive, it’s good the judge has put time limits”.

With him at court was Brian Quigley, partner at McCann Fitzgerald, who said he, too, was pleased with the judge’s decision.

Also present at the court was Sean Quinn Jr who said nothing after the hearing, but did smile at defence lawyers at the end of the court procedure.

Anglo and the family are battling over control of the Quinns’ €500 million international property empire.

Anglo wants the case heard in Ireland, while the family want the action heard in Cyprus.

The bank has claimed the family was involved in a “sinister conspiracy” to put assets in Ukraine, Russia, Sweden, India and Cyprus beyond the reach of Anglo, which is owed €2.9 billion.