IBRC had also brought a third party claim against two former senior Quinn Group executives, Dara O’Reilly and Liam McCaffrey. The Quinns initiated their action eight years ago as Anglo Irish Bank, owned some €2.89bn by the Quinn group, moved to take over the group companies. One portion of those was purchased by a group of investors known as the "Maple Ten" and the rest by the Quinn Group. The Quinn shares were transferred to six Quinn-owned Cypriot companies which ultimately received €498m from Anglo. €511m was also raised in late 2007 to loan monies to the Quinn group to “repair holes” in its finances and meet requirements of banks and bondholders.

Source: Irish Examiner April 02, 2019 11:03 UTC