Thursday 23 October 2014

I've no clue where rents from firms have gone, says Quinn

Dearbhail McDonald and Brian Hutton

Published 06/02/2013 | 04:00

Sean Quinn Jnr

The son of bankrupt tycoon Sean Quinn has told a court that he hasn't got a clue where rents from the family's global property empire have gone.

Sean Quinn Jnr (pictured) said he was aware of allegations that money had gone missing from Quinn companies, but said there was a lot of cash sitting in bank accounts.

"I have not got a clue about where any money has gone," he told the Commercial Court.

"May I be struck dead when I leave this court if I am wrong."

Mr Quinn was being cross-examined by lawyers for the Irish Bank Resolution Corporation (IBRC). They wanted to know whether he and his family have fully disclosed information on assets and accounts in their names after freezing orders were imposed by the court last July.

Mr Quinn, who served three months in jail last year for breaking court orders not to interfere with the Quinn's International Property Group (IPG) – once valued at €500m – has told the Commercial Court that IBRC (formerly Anglo) "knows where the money has gone".

Mr Quinn denied any knowledge of the whereabouts of the IPG assets' rent roll, which had previously been managed from Ireland before the Quinn Group was placed into receivership by IBRC in April 2011.

"Other people are in control," Mr Quinn told the court. Asked by Mr Justice Peter Kelly how he actively managed certain assets if he was being "bamboozled" by documents in Russian, Mr Quinn said that he was an employee who dealt with tenants' issues, not directly with tenants or finance.

Mr Quinn said that, as a senior employee, he did not manage finance even though he confirmed he had issued requests seeking the cash balances as well as details of salaries and bonuses paid to members of the Quinn family from IPG companies.

According to an organisational chart submitted as part of the proceedings, Mr Quinn and other family members were being paid up to 10 times the salaries of Russian employees.

Disclosure

Mr Quinn is the sixth and final member of the Quinn family, including his siblings and brothers-in-law, to be cross-examined by IBRC lawyers.

The bank claims the Quinns have not fully disclosed information concerning bank accounts and valuable IPG assets.

But the Quinn family insist they have provided full disclosure of documents as required by court order, aspects of which have been appealed to the Supreme Court.

Mr Quinn said that he did not believe that he had to disclose to IBRC what he did with his salary, which he insists does not amount to stripping of assets from IPG companies.

Irish Independent

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