News Courts

Tuesday 2 September 2014

Sean Quinn daughter 'withdrew €16,000 in cash from ATMs in one day'

Tim Healy

Published 30/11/2012 | 05:00

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A DAUGHTER of jailed businessman Sean Quinn withdrew €16,000 from the accounts of a Russian company on the same day that a court order was sought to freeze the assets of some members of the Quinn family below €50m, the Commercial Court heard.

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The withdrawals were made by Colette Quinn on June 14 this year – the day Irish Bank Resolution Corporation (IBRC) applied to the courts for orders freezing the accounts of some members of the Quinn family.

The sums, totalling about €16,000, appeared to have been taken out via multiple withdrawals from ATMs in Cavan, Shane Murphy counsel, for IBRC, told the court.

He applied to Mr Justice Peter Kelly for orders allowing the bank cross-examine the five Quinn children and three of their spouses – Stephen Kelly, Niall McPartland and Karen Woods – concerning their assets and bank accounts.

The bank contends that full disclosure concerning the defendants' assets and accounts has not been made and says it believes a court cross-examination is required to get the information to protect assets valued at up to €430m.

Richard Woodhouse of IBRC said the bank wanted cross-examination because the Quinn disclosure was wholly inadequate and the defendants had maintained a consistent strategy of withholding information.

Among the bank's concerns were various cash-extraction mechanisms including the use of 'grey companies', where it was not possible to discern ownership. Some €16.5m was extracted that way from 2011 to August 2012, he said.

Opposing cross-examination, the Quinns contended that they have disclosed the material and documents available to them but could not yet disclose certain other documents due to issues relating to payment of legal fees.

Disclosure

They said they had not understood that texts related to bank accounts held by all of them, except Brenda Quinn, at Ocean Bank in Moscow, may be covered by the disclosure orders and they had now disclosed texts from Ocean Bank.

In her affidavit, Aoife Quinn said her Ocean Bank (OB) balance as of November 21 was €211,679. Her husband, Stephen Kelly, previously disclosed an OB balance of 30,000 roubles and Colette Quinn said her OB balance was €12,500 approximately. In her affidavit, Brenda Quinn said she had had no involvement with IPG companies and had never received a salary.

Sean Quinn Jnr agreed he had been in email contact with Russian IPG companies but said he was not now, and had never been, in control of IPG assets.

The hearing continues today.

Irish Independent

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