independent

Saturday 19 April 2014

Quinn junior offers to sell home

Sean Quinn junior outside the High Court in Dublin where he offered to sell his luxury family home to pay debts owed to the former Anglo Irish Bank

The son of jailed ex-billionaire Sean Quinn has offered to sell his luxury family home to pay debts owed to the former Anglo Irish Bank.

Sean Quinn junior and his wife Karen have agreed to put their penthouse apartment in exclusive Farmleigh Woods on the outskirts of Phoenix Park in Dublin on the market.

The High Court was told his half of the Alder Lodge property was the only asset he owns which is likely to achieve a sum close to the 500,000 US dollars (385,000 euro) to be paid to the bailed-out lender.

Shane Murphy, senior counsel for Anglo, said his client had been told Quinn junior wanted to take whatever steps possible to purge his contempt. Ms Justice Elizabeth Dunne adjourned the case for a week to allow the parties to discuss the offer.

Quinn junior, 33, was jailed for three months earlier this year for contempt of court for breaching court orders restraining the stripping of some 500 million euro worth of assets in the Quinns' now carved up International Property Group.

He was found guilty of a single allegation that he directed or participated in a process whereby 500,000 US dollars was paid by a Quinn company to an employee, Ms Larisa Puge, in Kiev.

His 65-year-old father remains in Mountjoy's training unit serving a nine week sentence for not purging his contempt. Sean Quinn senior's nephew Peter Quinn, son of former GAA president Peter Quinn, was also sentenced to be jailed this summer but remains on the run in Northern Ireland.

Martin Hayden, senior counsel for Quinn junior, said his client was willing to put up his family home. However the couple, who were married in May, have asked if they can defer the sale of the property until next September.

Newly appointed solicitors for Quinn junior, Arthur McLean solicitors, handed a document to the court which outlined their client's plans. They said Quinn junior intended to sell the property and, pending the sale, will hand the title deeds to the court. When sold, he will give his share of the net sale proceeds to the court.

Bust tycoon Sean Quinn senior owes the IBRC 2.8 billion euro after running up unprecedented losses through secret stock investments in the bank as its share price collapsed. The Quinns admit that they owe 455 million euro, but have refused the claims on the rest and are taking a counter case against the bank.

Press Association

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