The High Court in Belfast has heard that fraud and contempt of court proceedings may be initiated by Irish Bank Resolution Corporation as part of its legal battle against the businessman Seán Quinn.

The bank is seeking to take control of properties linked to the Quinn Group in Eastern Europe.

It claims the businessman, who declared himself bankrupt in Northern Ireland in November, owes it more than €2bn.

The court granted continuing injunctions against creditors seeking to wind up a company which owns a shopping centre in Kiev in Ukraine.

A similar order involving another Quinn Group property in Russia was also granted.

It means that injunctions obtained on behalf of Irish Bank Resolution Corporation last month will now remain in place until 26 January.

The injunctions relate to a number of firms, including Lyndhurst Development, trading as Demesne Investments Ltd, which is based in the British Virgin Islands. Another of those involved in Galfis Overseas Ltd, based in Belize.

A barrister for the former Anglo Irish Bank told the High Court its legal action against the Quinn family may have uncovered evidence of fraud, but Mark Horner QC did not give further details about what the bank claims to have discovered.

He told the judge that contempt of court proceedings may be initiated at a future date.

Extending the injunction orders, Mr Justice McCloskey said he believed there could be significant developments in the case over the coming months.