Seán Quinn Jr., the son of former Irish billionaire Séan Quinn Snr, was released from Mountjoy Prison in Dublin on August 3, 2012, after serving a three-month sentence for contempt of court. His imprisonment was related to a legal dispute between the Quinn family and the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank.
Justice Elizabeth Dunne said it was not a matter for the court to decide on Quinn Jnr’s release time – it was up to the prison authorities.
He was released from Mountjoy shortly after the hearing, having served three months.
Meanwhile, a new legal team asked the court for more time to prepare a defense for Seán Quinn Snr.
Lawyers for IBRC told the court there had still been no meaningful cooperation from him to comply with court orders to reverse the asset-stripping of Quinn companies.
The legal battle centered around the Quinn family’s efforts to protect their assets from being seized by the IBRC to repay outstanding debts. The family owed the bank about €2.8 billion, and the court found Sean Quinn Jr. guilty of contempt for violating an order not to interfere with the family’s international property portfolio, which the bank was attempting to seize as repayment.
The IBRC was established in 2011 as a “bad bank” following the financial crisis and the collapse of the Irish banking system. It was tasked with managing the distressed assets of Anglo Irish Bank and Irish Nationwide Building Society. The IBRC was subsequently liquidated in 2013 as part of a broader restructuring of the Irish banking sector.