BUSINESSMAN SEÁN Quinn himself caused the destruction of the Quinn family companies and wealth as a result of investing in Anglo Irish Bank shares which later fell in price, the High Court was told yesterday.
Paul Gallagher SC, for the bank, told Mr Quinn it did not accept his claims the bank had “robbed” him and his family of their wealth, pride and dignity. “You lost money because you began directly investing in the stock market through contracts for difference and the share price went down,” he said.
“You know what happened,” Mr Quinn told Mr Gallagher. A major court case by his family was pending over the matter and he would not say any more than that, he added.
When Mr Gallagher put it to Mr Quinn that he was fined in 2008 for taking €200,000 out of Quinn Insurance, Mr Quinn said he was wrong to have done that.
Mr Quinn denied his anger and “misplaced grievance” against Anglo (now Irish Bank Resolution Corporation) led him to direct, and participate in, alleged stripping of assets of firms in the Quinn family’s international property group after the High Court granted orders in June and July 2011 restraining such measures.
Mr Gallagher put to Mr Quinn that he was so angry with Anglo when his companies were taken from him that he felt he was justified in taking any action to protect what he regarded as personal assets. Mr Quinn was “the patriarch” of the family and the man “in overall control” and there was no question this would have happened without him, he added.
Mr Quinn said he had agreed measures should be taken to move assets beyond the reach of Anglo but he was not involved in directing any such measures after April 14th, 2011, when IBRC appointed share receivers over Quinn companies.
“I never breached any injunction in my life and I never will.”
The cross-examination of Mr Quinn concluded yesterday. He will be re-examined today in the hearing before Ms Justice Elizabeth Dunne of the bank’s application for orders for attachment and committal of him, his son Seán jnr and nephew Peter.
As Bill Shipsey SC, for the Quinns, told the judge yesterday, his side was not cross-examining those who swore affidavits for IBRC, it is expected no further evidence will be called. The case will be adjourned to next week to allow the sides to prepare written submissions on legal issues.
The three Quinns deny contempt of the June and July 2011 orders restraining dissipation of assets in the property group and have claimed steps to put assets beyond Anglo’s reach were taken before those orders were granted.
Mr Quinn yesterday agreed Anglo had advanced loans of €455 million for property investments by Quinn companies and he had supported moves by Quinn family members to move assets beyond the reach of Anglo.
Asked about a signature on a minute of a meeting of the board of Quinn Properties Ukraine of August 30th, 2011, related to the $500,000 payment to its general director Janis Puga, he agreed it appeared to be his but said he knew nothing about it and suspected it could be “a set-up”.
He denied he would sign minutes of meetings he had not attended. When Mr Gallagher said Mr Quinn’s children must have explained to him what was in the documents, he said his ambition was to get assets “out of the name of this reckless bank” that had “destroyed” him and his companies. “I didn’t care how they did it,” he said.
After Mr Quinn made repeated criticisms of the general conduct of Anglo, Ms Justice Dunne said he was dealing with matters outside of the contempt proceedings and while she did not want to be rude, he was “saying the same thing over and over” and she did not want “to hear this again”.
