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Anglo's Quinn action adjourned until next week

Seán Quinn - Owes Anglo Irish Bank €2.9 billion
Seán Quinn - Owes Anglo Irish Bank €2.9 billion

An injunction action taken by Anglo Irish Bank against Seán Quinn and his family to stop them moving assets out of their international property empire has been adjourned until next week by the High Court.

The action may be heard in full the following week in Cork.

Anglo Irish Bank got a temporary injunction from the court on Monday evening to stop assets being transferred out of Quinn companies in Sweden.

The Quinn family were not represented in court on Monday and the case was adjourned until Wednesday to allow their lawyers to be present.

Anglo claims Seán Quinn and various family members are engaged in a conspiracy to commit unlawful acts to damage the bank's ability to recover its loans from the family.

Similar actions were taken by the bank in Sweden and Russia on Monday to prevent the family moving international assets into what Anglo Irish Bank claims is a new corporate structure called The Cranaghan Foundation.

The bank claims the transfers are being made for the benefit of the family, in particular Mr Quinn's grandchildren.

Anglo Irish bank is owed €2.9 billion by the Quinn family.

The Quinn family deny the claims and say there may be an issue about the ability of the Irish High Court to make orders in this case given that there were court proceedings already in being in Sweden, Russia and Cyprus.