Wednesday 25 April 2018

Russian firm paid Sean Quinn Jnr fiancee €320k salary before wedding

Sean Quinn Jr and Karen Woods on their wedding day
Sean Quinn Jnr's wife Karen pictured after she visited her husband in Dublins Mountjoy Jail
Aoife Quinn
A stunning Aoife Quinn, daughter of Sean pictured with her new husband, Stephen Kelly at their wedding at St. Mary's church, Staghall, Belturbet, Co. Cavan on Friday afternoon. Photo: Lorraine Teevan
Collette Quinn
Ciara Quinn with her father Sean

Dearbhail McDonald and Tim Healy

SEAN Quinn Jnr's new bride received more than €320,000 in salaries from Russian companies in the year leading up to her glitzy marriage to the Quinn heir.

Karen Woods married bankrupt businessman Sean Quinn Snr's only son in May, with a reception at the Ritz-Carlton Hotel in Powerscourt, Co Wicklow.

Sean Quinn Jnr was jailed for three months last Friday for breaking court orders not to interfere with the Quinn family's €500m international property portfolio.

His cousin Peter Darragh Quinn, former head of the family's International Property Group (IPG), was also jailed for three months. But the former Fermanagh GAA star did not turn up in court and there is a bench warrant for his arrest and committal to prison.

It has emerged that Ms Woods was one of eight members of the Quinn family and their partners to receive €2.8m in purported salaries from three Russian companies after the Quinn Group was placed under the control of the former Anglo Irish Bank.

She received €320,927 in after-tax salaries from three Russian companies in the Quinns' IPG.

Anglo, now known as the IBRC, has said in court papers that it was "not aware of any work done" by Ms Woods to justify the payments.

Peter Darragh Quinn got the largest salary of €474,974 and claims this "fairly recompensed" him for work done in Russia.

Transfers

The payments were received between April 2011, when the Quinn Group was placed into receivership by the IBRC, and an unknown date this year.

Mr Quinn Snr's daughters Aoife, Colette and Ciara Quinn each received more than €300,000 and Sean Quinn Jnr received €399,921.

Ciara's husband Niall McPartland received €281,048 and Stephen Kelly, who is married to Aoife Quinn, received €260,536.

The IBRC yesterday said it was concerned about significant transfers of cash out of the IPG companies last year.

They include:

- The €2.8m after-tax salaries (€3.6m gross) to members of the Quinn family.

- A $1m "retainer" fee to a Russian law firm.

- A €500,000 bond paid to Mr Quinn's wife Patrica and her five children to obtain a court injunction in Cyprus.

- More than $1m in "service contracts" to two companies, Cran Re and Neacad.

The bank is also querying the transfer of 100,000 shares in subsidiaries of Quinn Investments Sweden to a woman, Noreen Mary Maguire, for €10.

The IBRC wants receivers appointed over the assets of the Quinn's five children and other extended family members. They have been allowed to withdraw €2,000 a week in expenses after their accounts were frozen.

The temporary freezing orders also apply to his sons-in-law Stephen Kelly and Niall McPartland and the IBRC has now applied to join Ms Woods in the proceedings.

High Court judge Mr Justice Peter Kelly said he would require a lot more information before he would continue the €2,000-a-week expense order.

Irish Independent

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