Company to provide ‘crucial’ CFD papers on Quinn to IBRC

Irish Bank Resolution Corporation special liquidators sought documents in action against Patricia Quinn and her five children

 Sean Quinn: built up contract for difference positions  on Anglo

Sean Quinn: built up contract for difference positions on Anglo

 

A company said to have “crucial” documents relating to contract for difference positions built up by businessman Seán Quinn in Anglo Irish Bank is to provide those documents to Irish Bank Resolution Corporation.

The special liquidators of IBRC had sought the documents from Gortmullan Holdings for its defence of the Commercial Court action brought by Patricia Quinn and her five children, alleging they are not liable for some €2.34 billion loans made by Anglo after September 2007 to various Quinn companies.

The Quinns allege those loans were unlawfully made to shore up Anglo’s plummeting share price.

State-owned IBRC (formerly Anglo), has denied that any lending before March 14th, 2008, was for the purpose of meeting margin calls on CFDs and has counter- claimed for recovery of sums allegedly guaranteed by the family under various share pledges.

IBRC said Gortmullan had documents “of crucial relevance”and it was seek- ing those relating to CFDs between 2005 and 2009.

Solicitors for Gortmullan had indicated it would provide the documents if a court order was made. Mr Justice Peter Kelly made the order sought.