Wednesday 26 November 2014

Russian oligarch tried to 'rat out' the Quinns to IBRC

Maeve Sheehan and Ronald Quinlan

Published 01/06/2014 | 02:30

Sean Quinn Snr. Picture: GERRY MOONEY
Sean Quinn Snr. Picture: GERRY MOONEY

A Russian oligarch offered to double-cross the Quinn family and deliver their assets to the former Anglo Irish Bank in return for cash. The Sunday Independent has learnt how a company owned by a Russian oligarch approached the state-owned bank – now known as the IBRC – over a year ago.

According to informed sources, the Russians claimed they worked for the Quinn family and had inside information on how the family wanted to hide their assets.

They offered to sell the bank the details of the Quinns' plan to put their assets beyond reach. The bank declined the offer and instead signed up a rival oligarch's company, A1, which had no prior dealings with the Quinns, to assist them hunt down the family's overseas fortune. The bank has accused the Quinn family of "flagrantly" hiding assets overseas, but the Quinn family insist they have disclosed everything.

The war between IBRC and the Quinns has escalated following claims that the bank had made groundless allegations against innocent people.

Seperately, the bank revealed on Friday to the High Court that it is investigating claims from two unnamed informants that the Quinns invested €300m in gold and transferred €200m to the British Virgin Islands.

It named a well-known Ballyconnell businessman and Quinn supporter, a respected London banker and a man residing in the UK as playing key roles in this.

Court documents seen by the Sunday Independent show IBRC paid €100,000 into an escrow account for the informants, who stand to make €15m if their claims are true.

Yesterday, the Quinn family said information had been illegally obtained by the bank.

They said: "The allegations concerning €300m gold and €200m cash are absolute scurrilous lies and denied by the family in the strongest possible terms. The bank has been led on a wild goose chase by individuals who do not even have the decency to make themselves known to the courts and in the process are now a party to completely groundless allegations against an international bank, an international finance banker, an Indian businessman and also a close friend of the Quinn family, all of whom have absolutely no involvement whatsoever in these matters."

Sunday Independent

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