Lawyers for the former Anglo Irish Bank told the court the Quinn children took €1.95 billion out of the group to fund their personal lifestyles, property acquisition, and losses from investments related to shares in Anglo.
Mr Gallagher was responding to claims made by lawyers for the five Quinn children in the opening of their case against IBRC and its liquidator, Kieran Wallace. They were not told of the perilous state the bank was in and were never advised by Anglo to take independent legal advice, they allege. Mr Quinn had invested hundreds of millions of euro in financial instruments called CFDs which allow someone to bet on the performance of shares. When Anglo's share price collapsed, he suffered huge losses. Mr Gallagher said that although the children were claiming they had been acting under the influence of their father, they had not joined him as a party to the case.
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Source: IrishMirror - 🏆 4. / 98 Read more »