independent

Friday 18 April 2014

Sean Quinn Jnr unable to pay $500,000 to satisfy IBRC, court told

SEAN Quinn Jnr cannot afford to pay $500,000 sought by the former Anglo Irish Bank as he tries to purge his contempt over asset-stripping of the Quinn family's international property group., the High Court was told today.

Mr Quinn was keen to try to comply with coercive orders made by the court last June, his brother-in-law Niall McPartland told the court.



Irish Bank Resolution Corporation (IBRC), the former Anglo Irish Bank, had indicated Mr Quinn could purge his contempt by repaying to it a $500,000 sum paid to Larissa Puga, general director of Quinn Properties Ukraine, in autumn 2011.



But Mr McPartland said Mr Quinn was not in a position to pay that and did not feel that was an appropriate way to purge the contempt,.



Shane Murphy SC, for IBRC, said there had been correspondence with Mr Quinn and the bank wanted proceedings against him adjourned for two weeks while that correspondence continued.



Mr McPartland said the bank had raised issues in the correspondence about deficiencies in Mr Quinn's disclosure of assets. While his side felt those deficiencies were not substantial and two matters had been overlooked as an oversight, Mr Quinn was engaging with the bank and would continue to do so.



Ms Justice Elizabeth Dunne said she would adjourn the proceedings for two weeks to facilitate the engagement between the bank and the Quinn side.



Last Friday, Ms Justice Dunne jailed Sean Quinn Snr for nine weeks arising from her finding last June he was in contempt of court orders of June and July 2011 restraining asset stripping.



IBRC had argued Mr Quinn had failed to purge his contempt and said it believed Quinn family members continue to direct steps to prevent it recovering assets for the Irish taxpayer.



Sean Quinn Snr, in an affidavit, said he had no control over the IPG assets but he and his family were willing to do all they could to assist the bank in recovering assets and to purge the contempt found against him and his son.



Sean Quinn Jnr was in court today with Mr Mc Partland. Mr Quinn was released from prison in late October after completing a three-month prison sentence for contempt.



The bank indicated last week it was not at this stage making any application concerning him but wanted time to consider its position.



Also today, Mr Justice Peter Kelly is hearing an application by a receiver appointed over the personal assets of various Quinn family members for access to a wide range of financial information held by them. They are objecting to his being given their passwords for their personal email accounts and certain other records.

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