Published Thursday, 01 November 2012
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Mr Quinn and his son, Sean Quinn Junior, appeared before the High Court in Dublin on Thursday.
The father and son, along with Peter Darragh Quinn, were found guilty of contempt after hiding millions of Euros in assets from the Irish Banking Resolution Company (IRBC), formerly Anglo Irish Bank.
Sean Quinn Jnr, was freed from jail two weeks ago after serving three months for contempt, while his cousin Peter Darragh Quinn remains at large since his sentence was imposed in July and did not appear in court.
Ms Justice Elizabeth Dunne is now considering if Mr Quinn Snr has done enough to comply with court orders to stay out of jail.
She told the High Court she would decide overnight on whether to impose a punitive sentence on the former tycoon.
Eugene Grant QC said Mr Quinn has had the punitive element of the contempt of court conviction hanging over him for four months.
"It is important to stress he is 66 years of age with a totally clear and unblemished record," he said.
"A man who, until these affairs with Anglo, stood tall as a leading light in the Celtic Tiger."
Mr Grant argued while his client sanctioned a strategy to transfer €500m of assets beyond the reach of Anglo, he played no role its implementation and has no power to regain control over the property empire.
Describing his client as forlorn and broken, Mr Grant said Mr Quinn was committed to purging his contempt and had co-operated with the lender since the judge's court orders were made.
However lawyers for Anglo told the court they were concerned moves were continuing to put assets beyond their control.
Shane Murphy, SC, said the bank has continued to encounter fraudulent activity and delay orchestrated by the defendants to prevent it recovering assets in Quinn companies in Russia, Ukraine and India.
Mr Quinn sat at the back of the court with supporters during the hearing before it was adjourned.