Sean Quinn faces prison for contempt of court

Sean Quinn, his son Sean and nephew Peter Darragh Quinn have been found in contempt of court, according to several news reports.

The ruling means the three could face jail.

Justice Elizabeth Dunne of Dublin’s High Court said the three could face “punitive” actions after they allegedly put assets beyond the reach of Anglo Irish Bank by shifting them to Russia.

The bank, now known as the Irish Bank Resolution Corporation  is trying to recover €500m (£401m) from Sean Quinn senior, who was declared bankrupt in November 2011.

The bank initiated the contempt of court proceedings in February, alleging the three family members had breached an injunction that was intended to prevent them moving certain assets.

Justice Dunne called the Quinn family’s actions deceitful and dishonest and described Peter Darragh Quinn’s evidence in particular as “evasive, uncooperative and, at times, untruthful”.

Quinn Insurance, part of the family’s business, was placed into administration in March 2010, and has subsequently been sold to a joint venture of Anglo Irish Bank and US insurer Liberty Mutual.