independent

Wednesday 16 April 2014

IBRC loses €70m in rents on the Quinns' global properties

The IBRC accepted that illness was a mitigating factor which can be taken into consideration when sentencing occurs.

THE former Anglo Irish Bank has lost out on up to €70m in rents in less than two years from the Quinn family's international properties.

The beneficiaries of the rent roll remain a mystery and efforts by the Irish Bank Resolution Corporation (IBRC), formerly Anglo, to uncover the identity of the recipients of the cash have so far been unsuccessful.

Details of the scale of the rental income which has eluded the bank are revealed today by the Irish Independent – weeks after Sean Quinn Snr was released from prison after serving three months for breaking court orders not to interfere with the family's property portfolio.

IBRC has been engaged in a global race against time to secure the lucrative rent roll generated by the Quinn family's international property group (IPG) – once valued at €500m – since it placed the Quinn Group into receivership in April 2011.

The family insist they have no control over the IPG or its rent roll.

The Quinn family and the nationalised bank are involved in a protracted dispute and the family have brought legal action against the IBRC disputing the validity of €2.3bn of €2.88bn the IBRC says it is owed by the family.

The IPG has become the key battleground between both sides.

Orders

The dispute has seen Sean Quinn Snr and his son Sean Jnr jailed for breaking court orders not to interfere with the family's property portfolio.

A third member of the Quinn family, Peter Darragh Quinn – Mr Quinn's nephew and former head of the IPG – was also sentenced to serve three months in jail for contempt.

But Peter Darragh Quinn avoided jail after skipping across the Border to his native Fermanagh.

The IBRC, which declined to comment on the missing rent rolls, has brought a vast array of Quinn properties in the Czech Republic, Ireland, the UK and Turkey under its control.

But it has failed to secure control of key assets in Russia, India and the Ukraine, losing an annual rent roll of €35m.

These include the €142.6m Kutuzoff Tower in Moscow, a €60.6m office block known as Q City in Hyderabad, India, as well as the €58.4m Univermag Shopping Centre in Kiev.

The IBRC believes it has been thwarted by Sean Quinn Snr, who it alleges is co-ordinating an audacious asset strip of the IPG.

It believes Mr Quinn's family are the beneficial owners of a maze of offshore firms in Panama, Belize and the United Arab Emirates, whose true ownership the bank has been unable to unmask.

The bank has now hired an asset recovery unit in Russia and the Ukraine after conceding it was approaching "end point" in terms of getting the assets.

Irish Independent

Also in this Section

Classifieds

CarsIreland

Independent Shopping.ie

Meet, chat and connect with
singles in your area

Independent Shopping.ie

Meet Singles Now

Findajob

Apps

Now available on

Top Stories

Most Read

Independent Gallery

Your photos

Send us your weather photos promo

Celebrity News