A Dubai-based firm has failed to get a Supreme Court order aimed at preventing it being sued here over its acquisition of a multi-million euro property in India from companies controlled by members of the family of businessman Sean Quinn.
However, if Irish Bank Resolution Corporation fails to take reasonable steps which both protect the Indian property and also ensure Mecon FZE is not exposed to any greater risk than necessary due to having to deal with proceedings brought by IBRC against it in Ireland and India, Mecon can renew its bid to stay the proceedings against it here, the court said.
IBRC alleges Mecon FZE is part of an alleged conspiracy by various Quinn family members and companies to place valuable assets beyond the bank’s reach.
Quinn International Property Group
IBRC previously secured orders joining Mecon to its proceedings, initiated in 2011, against the Quinns and several companies over assets the bank maintains are part of the Quinn international property group (IPG). Freezing orders were later obtained against Mecon and other alleged co-conspirators as part of IRBC’s efforts to recover assets linked to the Quinns.
A date for the full hearing of IBRC’s case here has yet to be fixed.
Mecon denies conspiracy and argues it legitimately acquired a property — Hi Tech Park in Hyderabad, India, with an estimated value of more than €60m — at “arm’s length” from a complex entity controlled by the Quinn family.
