Two related companies with addresses at Gold and Diamond Park, Dubai, are being sued by Irish Bank Resolution Corporation over the alleged role as “masterminds” of a scheme to place assets in the Quinn family’s international property group beyond the reach of the bank.
Mr Justice Peter Kelly yesterday granted an application by Brian Murray SC, for IBRC, to join Senat Legal, Senat FZC and Michael Waechter, principal of Senat FZC, as co-defendants to the bank’s action against members of the Quinn family and several companies.
The judge noted IBRC special liquidator Kieran Wallace claimed the Senat parties played “a pivotal role” in the scheme to strip assets worth up to $50 million. It is alleged the scheme was “masterminded by one or all” of the three, the judge said.
Martin Hayden SC, for some members of the Quinn family, said earlier his side were neutral on the joinder application.
Role of Senat parties
In his affidavit, Mr Wallace said the role of the Senat parties emerged during earlier proceedings against Seán Quinn snr, his son Seán jnr and nephew Peter Darragh Quinn over alleged contempt of court orders restraining stripping of assets from the property group.
He said Senat FZC had played “a crucial role” by organising the incorporation and purchase of off-shore companies in Belize and Panama on behalf of the Quinn family for the purpose of putting assets beyond the bank’s reach. Senat Legal appeared to “project manage” certain legal actions related to the scheme on behalf of the Quinn family, he added.
IBRC believed Senat “has a key continuing role” in relation to Q City, the main asset held in India, he added.
Mr Wallace also said Mr Waechter had last October issued a press statement to The Irish Times on behalf of the two Senat companies in which he said Senat was involved in matters in India, Cyprus and Ireland on behalf of the Quinn family and had a role in incorporation of companies for the family.
In that statement, Mr Waechter said Senat FZC was not involved in and had “not masterminded” certain business transactions later questioned in Irish court proceedings.
Mr Waechter also said Senat Legal had been engaged only to co-ordinate legal activities in Ireland, India and Cyprus in which the Quinn family were involved.
Senat did not give legal advice and was not involved in defining defence strategies in those jurisdictions, he said.
Mr Wallace said IBRC believes the available evidence establishes the role of Senat Legal and Senat FZC was “not limited” as claimed.
