Monday 18 December 2017

Bank tries to seize global assets of Quinn family

Dearbhail McDonald Legal Editor

THE former Anglo Irish Bank is attempting to seize all the Irish and global assets of the daughters and sons-in-law of bankrupt businessman Sean Quinn.

Anglo, now known as the IBRC, said the Quinns cannot be trusted to comply with court orders not to strip valuable assets from the family's €500m International Property Group (IPG).

The court orders already issued against members of the Quinn family freeze their bank accounts and restrict them to €2,000 a week to cover expenses.

Last month, the High Court froze the assets of Mr Quinn's children: Aoife, Ciara, Colette, Brenda and Sean Jnr.

Mr Quinn's nephew, Peter Darragh Quinn, the former head of IPG, and sons-in-law Stephen Kelly and Niall McPartland, were also ordered not to reduce their assets below €50m.

But yesterday the IBRC went back to court to ask permission to seek orders appointing receivers over the worldwide assets.

The request, if approved, would result in the Quinns losing control over all of their personal assets.

The latest move follows the publication, last Sunday, of a video recording of a meeting in a restaurant in Kiev, Ukraine, in January 2012.

The bank said the meeting was between Peter Darragh Quinn, Sean Quinn Jnr and others, including Larisa Puga.

Ms Puga is the alleged recipient of a disputed $500,000 (€397,800) payment -- allegedly agreed by members of the Quinn family -- from Quinn Properties Ukraine last August just before IBRC took over that company.


The video recording, the bank said, appeared to refer to attempts being made by members of the Quinn family in January 2012, "and which continue to be made", to strip assets from a company holding a valuable asset, a shopping centre in Kiev, Ukraine.

The video showed an exchange concerning large sums of money and also showed Peter Darragh Quinn was prepared to lie to the High Court in affidavits, Richard Woodhouse of IBRC said in an affidavit.

He said the video showed Peter Quinn stating he was in breach of a court injunction and, when asked would he lie in his testimony, laughed and responding: "I'd have to lie . . . that wouldn't overly worry me."

The footage also showed a discussion concerning Peter Quinn and Sean Quinn Jnr's desire to find a way to move $100,000 (€80,000) in cash from Kiev to an account in a safe place.

There was a discussion about the logistics of transporting that sum so it would not be detected, Mr Woodhouse said.

There were also references to "six million" and "five million" and a detailed discussion about the need for Peter Quinn to lie about signing contracts or he would go to jail, Mr Woodhouse added.

Brian Murray, for the bank, said it wanted to have this material before the court when it was deciding later this month whether to continue asset- freezing orders against various Quinn family members.

Mr Justice Peter Kelly said the bank could apply for the orders appointing the receivers on July 24, when he is due to deal with an application to continue orders against members of the Quinn family and a number of international companies freezing their worldwide accounts below €50m each except for living and legal expenses.

Irish Independent

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