independent

Sunday 20 April 2014

Children face High Court quiz over assets

THE five adult children of businessman Sean Quinn and three of their spouses face cross-examination about their assets in the High Court this week.

Mr Quinn's children, sons-in-law Stephen Kelly and Niall McPartland, as well as Karen Woods – the wife of Sean Quinn Jnr – will be grilled about missing millions in rent money generated from the family's international property group (IPG) as well as salaries they received from Russian companies after the Quinn Group was placed into receivership in April 2011.

The Irish Bank Resolution Corporation, formerly Anglo, secured orders freezing the Quinns' accounts last July and disputed claims by the Quinns they have provided full disclosure of accounts and assets.

The bank wants documents relating to control of companies in IPG: assets, bank accounts and documents relating to salaries from Russian IPG companies in 2011 and 2012.

The cross-examination will come just days after a Sunday newspaper released new video extracts of a January 2012 meeting in Kiev involving Mr Quinn's son, Sean Quinn Jnr, and nephew, Peter Darragh Quinn, former head of IPG.

The newspaper claims Peter Darragh can be seen demanding the millions that he says are "due" in return for signing over control of a mall in Kiev.

The monies were apparently sought in respect of the Ukrania shopping centre, part of a portfolio on global properties which the Quinn family have insisted they have no control over.

Last summer, Aoife Quinn, one of Mr Quinn's daughters, said their family did not have a "pot of gold" – even though members of the family had drawn down almost €3m in salaries from a Russian company since 2011.

"We do not have these assets, so we can't give them back," Ms Quinn told TV3's 'Tonight with Sam Smyth'.

The family still deny that they have any control over the IPG, once valued at €500m.

Irish Independent

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