independent

Thursday 17 April 2014

Sean Quinn Jnr to fly to Moscow next week for bank statements

Sean Quinn Jr pictured arriving at the Four Courts

THE son of bankrupt businessman Sean Quinn will travel to Moscow on Monday to get statements concerning bank accounts held there by himself and other members of his family, the High Court heard today.

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

Shane Murphy SC, for Irish Bank Resolution Corporation (in special liquidation), told Ms Justice Elizabeth Dunne today a representative of the bank would meet Mr Quinn in Moscow and go with him to the offices of Ocean Bank there.  There had been "constructive engagement" with Mr Quinn, counsel added.

IBRC has sought the Ocean Bank statements to estalish 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 has obtained powers of attorney from his family to get their account statements.

Ms Justice Elizabeth Dunne, who made one finding of contempt against Mr Quinn Jnr last year, was told today he procesded with making arrangements for the trip despite the liquidation last week of IBRC, which was to fund the trip.

Martin Hayden SC, for Mr Quinn, said the liquidation meant funding from IBRC was "in jeopardy" when the travel arrangements were being finalised but Mr Quinn continued on his own initiative despite funds not been made available.

On consent of the sides, the judge adjourned the matters arising from her contempt findings to March 14th. Last June, she ruled Mr Quinn, his father and cousin, Peter Darragh Quinn, were in contempt of orders restraining stripping of assets from the IPG.

Mr Quinn Jnr was found in contempt after the judge ruled he was involved in a US$500,000 payment to the general director of Quinn Properties Ukraine.

He was jailed for three months and served that term while his father was later jailed for nine weeks.  A warrant for the arrest of Peter Darragh Quinn to serve a three month term remains unexecuted while he remains at home in Northern Ireland.

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

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