Sunday 18 March 2018

Bankrupt businessman Sean Quinn to find out if he goes to jail today

Sean Quinn
Sean Quinn

BILLIONAIRE turned bankrupt Sean Quinn will find out today if he is to spend time in jail for his contempt of a High court ruling.

He faces the decision of Judge Elizabeth Dunne alongside his son Sean and nephew Peter Darragh after they were found in contempt for putting assets beyond the reach of the former Anglo Irish Bank, now the Irish Bank Resolution Corporation (IBRC).

He potentially faces an indefinite spell in jail if he does not help the bank regain control of assets worth hundreds of millions of euro.

And even if he agrees to help free up the tangled web of overseas assets, Mr Quinn could still be jailed.

Earlier this week an angry judge said Mr Quinn had "consciously misled" the court over his dealings.

She said said she would find it difficult to hand down a sentence without a "punitive element" (jail time). She found Mr Quinn, his son Sean Quinn Jnr and nephew Peter were in contempt of court for putting assets beyond the bank's reach. That was despite High Court injunctions not to do so.

The bank is now struggling to regain control of the Quinn family's €500m international property portfolio. And it will need help from the businessmen to reverse the complex financial moves that have put the assets beyond reach.

It is understood that the bank has drafted a wish list of orders it will ask the High Court to impose.

It is expected to ask Ms Justice Dunne to force the men to help it regain control of:

- The $143m (€114m) Kutuzoff Tower in Moscow.

- The $78m (€62m) Ukrania Shopping Centre in Ukraine.

- An $80m (€64m) office block in Hyderabad, India.

- An estimated €35m rent from the Quinn's International Property Group (IPG).

The bank is involved in more than 30 legal battles in seven different countries to secure the Quinn family's overseas assets.

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