Monday 23 April 2018

IBRC to seek permission for trawl of grandchildren's bank accounts

Dearbhail McDonald

Dearbhail McDonald

THE former Anglo Irish Bank will ask the courts for permission to conduct a trawl of any bank accounts held by the grandchildren of bankrupt businessman Sean Quinn.

Anglo -- now known as the IBRC -- has asked the High Court to appoint receivers over the worldwide assets of Mr Quinn's five children, including his jailed son, Sean Quinn Jnr.

But, now, the bank fears the Quinns -- as part of an elaborate scheme to place €500m worth of overseas properties beyond the reach of the IBRC -- may have created trusts for the benefit of Mr Quinn's grandchildren.

The IBRC claims the Quinns set up a "mirror" structure to the Quinns' International Property Group (IPG) -- the Cranaghan Foundation -- for the benefit of the family, whose beneficiaries would include the grandchildren.

Mr Quinn has two grandchildren, and his daughter Ciara Quinn -- mother of the two minors -- is due to give birth to her third child this week.

Yesterday, former Attorney General Paul Gallagher, pictured above, for the IBRC, indicated to the High Court that the bank will ask the Quinns to disclose if any trusts have been set up in the grandchildren's names and if any monies have been set aside for them.

Irish Independent

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