Courts

Thursday 24 July 2014

Quinn daughter has 'no records' of how €379,000 pay was spent

Nicola Anderson

Published 26/01/2013|05:00

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Aoife Quinn

A DAUGHTER of bankrupt tycoon Sean Quinn has admitted that she has no receipts or bank statements relating to the €379,000 she spent from her Russian bank account in the space of a year.

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Meanwhile, Aoife Quinn told of a meeting with her two of her sisters – Ciara and Collette – in April 2011, where they had decided to dissolve the shares of a number of Cypriot-based companies and their Russian subsidiaries, in what she admitted was a "reaction" to the bank "trying to take everything off us".

She also told of numerous trips on business, including to Dubai, Russia, Cyprus and Kiev for which she has no notes or documentation, apart from some airline tickets.

Ms Quinn is the first of Sean Quinn's five children and three of their spouses to face cross-examination by lawyers acting for the Irish Bank Resolution Corporation (IBRC) arising out of freezing orders imposed by the court last July.

Ms Quinn said she could not recall how she spent the €379,000 in salaries from three Russian Quinn subsidiaries, which included two bonus payments – one of €50,000 – spent between June 2011 and July last year.

Stolen

She told the Commercial Court she had been receiving text messages from Ocean Bank in Moscow when money went into her account, but her mobile phone was stolen last year.

She told Mr Justice Peter Kelly that she thought most of this money was spent on legal fees but later admitted to lawyers that she had no receipts for this.

In her second day of being cross-examined about whether her family have fully disclosed their assets to the IBRC, formerly Anglo, Ms Quinn said her €379,000 salary arose from three Russian companies – Red Sector, Logistica and Finanstroy.

She said she had accessed the money using a Visa debit card.

Counsel for IBRC Paul Gallagher informed the court that a computer server at Finanstroy was destroyed and the hard drive deliberately smashed.

Ms Quinn said she knew of this only through reading an affidavit.

Mr Gallagher said it was "inconceivable" that Ms Quinn had no notes or documents from a whole series of business meetings in Moscow, Zurich, Cyprus and Dubai.

However, Ms Quinn said a substantial amount of documentation has been disclosed to lawyers.

Meanwhile, she told how she and sisters Ciara and Collette had a meeting in April 2011 where they had dissolved seven Cyprus-based companies that had held shares in Russian subsidiaries.

There was no documentation relating to this decision and after being questioned, Ms Quinn explained that they had taken this decision in "reaction" to Anglo's takeover.

The case continues on Tuesday.

Irish Independent

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