independent

Thursday 17 April 2014

Sean Quinn Jnr to sell home and travel to Russia in effort to purge contempt

SEAN Quinn Jnr, the son of jailed businessman Sean Quinn, is to travel to Moscow to get statements on bank accounts held there by himself and some other family members, the High Court was told today.





Ms Justice Elizabeth Dunne welcomed that development and other news that Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, is accepting Sean Quinn Jnr's offer to sell his Dublin home.



Those were "two positive developments" in the efforts by Mr Quinn to purge his contempt of court orders, she said.



The judge last June made findings of contempt against Mr Quinn, his father and cousin, Peter Darragh Quinn, of orders restraining stripping of assets from the family's international property group (IPG).



Mr Quinn was jailed for three months and served that while his father was later jailed for nine weeks and remains in jail. 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 has said he is anxious to purge his contempt and, today, the judge was told by Shane Murphy SC, for IBRC, the bank had decided to accept his offer to sell the home he shares with his wife Karen Woods at Alder Lodge, Farmleigh Woods, Castleknock, Co Dublin, Matters had to be addressed in that regard, whether via a charge or otherwise, counsel said.



The bank also consented to Mr Quinn's offer to go to Moscow to get statements concerning accounts held by Mr Quinn and other family members in Ocean Bank. The court previously heard that bank would not release statements unless an account holder appeared in person.



Issues about funding of the Moscow trip are to be discussed later between the sides in circumstances where a freezing order remains on Mr Quinn's accounts.



Mr Murphy said the bank considered it was not necessary for a bank representative to travel with Mr Quinn and he should pay the costs of the trip. It seemed Mr Quinn has access to a "third party" contrbution to his legal costs which was not from a company in the Quinns international property group (IPG), counsel added.



Martin Hayden SC, for Mr Quinn, said the monies referred to by Mr Murphy were not owed directly to IBRC.



The judge said the trip was a useful and positive development and the costs issue should be addressed between the sides.



Given the developments, Mr Murphy, with the consent of Mr Hayden, secured an adjournment of the proceedings to January 25 next.



Mr Quinn Jnr was jailed for contempt after Ms Justice Dunne found he was involved in a €500,000 payment made in late August 2011 to Larissa

Puga, general director of Quinn Properties Ukraine. The contempt

proceedings were brought in the action by IBRC aimed at protecting more than €430m assets in the IPG.



Last week, the judge was told Mr Quinn is prepared to sell his home, give his half share of the proceeds to QPU and have the sale monies lodged in court. Due to orders restraining Mr Quinn and his wife disposing of assets, they need court permission to sell the property.



The bank sought time to assess that offer and other matters set out in a letter from Arthur McLean Solicitors, solicitors for the Quinns.



The solicitors said the couple wanted the court to defer sale of their home until September 2013 to allow them time "to regularise their lives together" as they had just married earlier this year and shortly afterwards Mr Quinn was jailed.



The letter stated the Alder Lodge property was the only asset of Mr Quinn's likely to achieve a value of $500,000, the sum paid to Ms Puga. While the Quinns viewed IBRC's entitlement to that money as "questionable" as IBRC had only a 15 per cent stake in QPU, Mr Quinn Jnr wanted to take whatever steps were open to him to purge his contempt, the letter said.



Separately yesterday, lawyers for three people who hold accounts jointly with Peter Darragh Quinn secured leave from Mr Justice Peter Kelly to apply today (Thurs) to vary freezing orders on those accounts to permit them pay monies towards mortgage payments. Arrears had built up as a result of the freezing orders and the matter was urgent, the judge was told.

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