Monday 23 October 2017

Sean Quinn Jnr has provided bank statements, court hears

THE son of bankrupt businessman Sean Quinn has provided statements of Russian bank accounts held by himself and other family members to Irish Bank Resolution Corporation (IBRC) and is anxious to finally purge his contempt of court orders, the High Court heard today.

Martin Hayden SC, for Mr Quinn, said he and his wife Karen Woods are very stressed by the court proceedings and Mr Quinn is very anxious the contempt issues are fully resolved as soon as possible and intended to make an application in that regard.

 

A number of steps had been taken but his clients wanted to keep certain issues private, he added.

 

Ms Justice Elizabeth Dunne said she understood the need to balance both the concerns of Mr Quinn and IBRC and she noted the bank wanted an opportunity to examine the documents provided by Mr Quinn in purported compliance with the court's orders.

 

The overall issue of a payment of US$500,000 to Larissa Puga, the former general diretcor of Quinn Properties Ukraine, remained to be

resolved, she also said.   Mr Quinn was found in contempt of court arising from that Puga payment and was jailed for three months.

 

His father Sean Quinn Senior also served a period in jail for contempt and the judge heard yesterday Mr Quinn Senior had indicated he would abide by whatever orders the court made in the matter but had some concerns about proposals advanced by the bank.

 

There was no appearance by Peter Darragh Quinn, a nephew of Mr Quinn, who was also found in contempt. An order for his arrest to serve a three month sentence has not been effected because he remains outside the jurisdiction at his home in Northern Ireland.

 

Having heard from the sides, the judge adjourned the matter for mention only on April 11th and said both sides could file sworn statements in the matter.

 

Earlier, Shane Muprhy SC, for IBRC, said the bank had received documents from Mr Quinn, who travelled to Moscow to get them,  but needed time to examine those.

 

Mr Quinn Jnr had offered to travel to Moscow as part of his efforts to purge his contempt of the court orders restraining stripping of assets from the family's international property group.

 

IBRC sought the Ocean Bank statements to establish if the Quinns have disclosed all details of their assets and involvement with IPG companies.  They say they have but the bank disputes that.

 

The Commercial Court has heard substantial sums from Russian companies were paid, on foot of contracts of employment dating from summer 2011, into the Quinn's Ocean Bank accounts. Most of those monies were paid out. The court was told Ocean Bank would not release statements unless an account holder appeared in person and Mr Quinn obtained powers of attorney from his family to get their account statements.

 

Mr Quinn Jnr previously indicated he was prepared to sell the home he shares with his wife at Alder Lodge, Farmleigh Woods, Castleknock, Co Dublin.  An "alternative financial proposal" may also be advanced, the court later heard.

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