Group raises 'substantial' funds for Quinn family
on 21/09/2012 21:41:27
The former billionaire and his family are now representing themselves in a host of legal actions with the IBRC, after parting ways with their legal team.
The Quinn family is suing the bank, formerly known as Anglo, for alleged fraud, claiming more than €2bn worth of loans given to them by the bank are unlawful because they were used to prop up Anglo's collapsing share price.
The Quinn family's bank accounts have been frozen by the courts and receivers have been appointed over their global assets, leaving them with no control over their financial affairs or access to millions the bank believes they have stashed away.
For the past few weeks the campaign group, Concerned Irish Business and Concerned Irish Citizens, has said it has been approached by a number of individuals and businesses who would like to help fund the Quinn family's legal action.
In a statement issued this evening, the group said a "substantial level of pledges of financial support have been received" which it anticipates will be sufficient to cover the Quinn family's legal fees.
It said it is now in discussions with an established legal and accounting firm with a view that they will implement the legal and governance structures necessary to independently establish a fund on a sound legal basis.
The statement concluded by saying that the names of those who have donated money will not be released at this time.