No receipts for spent 340,000 euro
Published 29/01/2013 | 13:45
A daughter of bankrupt tycoon Sean Quinn has no records of how she spent almost 340,000 euro withdrawn from cash machines in less than a year, she told a court.
Ciara Quinn agreed on one occasion last May she withdrew 5,000 euro over 17 minutes in seven separate transactions at an ATM at Blanchardstown, west Dublin. But she could not tell the Commercial Court how she spent that money.
The former nurse said she believes most of it went on legal fees, but had no receipts, as she handed it over on a monthly basis to her siblings.
Asked by Judge Peter Kelly exactly where the "wads of cash" were passed to, she said her sister Aoife and brother Sean Junior.
Ms Quinn said she went through 339,921 euro from her Russian bank account between July 2011 and May 2012.
The money had been paid into the Ocean Bank in Moscow as a salary from the Quinn family's property empire and she had travelled over to the Russian capital with family to open the account.
That trip was paid for by Finanstroy, a company belonging to the Quinn property group IPG, the court was told.
She said she usually withdrew the money, over the 11-month period, from a Bank of Ireland ATM in Blanchardstown, using a Visa card.
Ms Quinn was the second of five of Sean Quinn's children and three of their spouses to be cross-examined by lawyers for the Irish Bank Resolution Corporation (IBRC).
The former Anglo Irish Bank wants to know whether they fully disclosed information on assets and accounts in their names after freezing orders were imposed by the court last July.