Sean Quinn Jr back behind bars
Published 17/10/2012 | 10:53
The son of bankrupt billionaire Sean Quinn is back behind bars after losing his appeal bid at Ireland's highest court.
Judges rejected the 33-year-old's challenge to his conviction for contempt of court and his three month prison sentence, imposed on July 20 for asset-stripping.
But Sean Quinn junior and his former tycoon father will be back in the High Court on Friday, where lawyers could apply for both men to be jailed for their refusal to reverse a plot that put family assets beyond the reach of the former Anglo-Irish Bank, rebranded the IBRC (Irish Bank Resolution Corporation).
Quinn jnr was ordered to complete his contempt sentence when the Supreme Court upheld a single complaint he was involved with a payment of 500,000 US dollars (381,000 euro) to Larissa Puga, the then general director of Quinn Properties Ukraine (QPU), on the eve of the takeover of the company by IBRC in August 2011.
But it overturned a sentence of indefinite incarceration relating to non-compliance with several orders intended to coerce the family to reverse asset-stripping.
In the ruling, Mr Justice Niall Fennelly set aside the long list of orders except a small number, including an instruction for Quinn jnr to disclose all his involvement with Quinn-related companies.
"There was no distinct consideration in the High Court on July 20 2012 of the question of whether the appellant should be committed to prison until such time as he should purge his contempt in respect of his participation in the payment of 500,000 US dollars considered on its own," he said.
"Thus, the order now made does not prevent the bank from making a further application to the High Court in that respect."
Quinn senior also has the threat of jail hanging over him as the High Court examines if he has purged his contempt and fulfilled any of the orders to untangle the scheme that removed assets in their international property empire.
Once Ireland's richest man, Quinn Snr owes Anglo 2.8 billion euro after running up unprecedented losses through secret stock investments in the bank as its share price collapsed. The family admit they owe 455 million euro but have refused the claims on the rest and have taken a counter-case again the bank over a loans deal.