Saturday 24 March 2018

IBRC calls evidence of Quinn family over assets 'implausible'

Mary Carolan

EVIDENCE from some members of bankrupt businessman Sean Quinn's family about their assets and bank accounts was "completely unbelievable", the Commercial Court has heard.

A lawyer for the now dissolved Irish Bank Resolution Corporation (IBRC) said they must provide more details about how they spent €2.5m paid to them from Russian companies.

Some of the family had given "incredible, not complete, implausible and conflicting" evidence when cross-examined about their accounts and involvement in companies in their international property group (IPG), Shane Murphy, for the bank, said.

The Quinns said they withdrew large sums in Ireland from their Russian bank accounts and used much of those for legal fees but had failed to provide bills, receipts or copies of their employment contracts, he said.

IBRC believed there must be a paper trail but the "shutters had come down" when the Quinns were asked about that.

The bank also believed there must be documents showing a level of control and leadership of IPG companies by Sean Quinn Jnr, his sister Aoife and her husband Stephen Kelly.

Following cross-examination last January, the bank yesterday asked Mr Justice Peter Kelly for further orders requiring the Quinns make fuller and/or better disclosure of issues including what has happened to rent monies from IPG companies.

Opposing that application, Martin Hayden, for the Quinns, insisted they had made disclosure in the precise terms sought by the bank.

The bank controls the IPG companies via receivers but is engaging in "an entirely artificial and impermissible exercise" aimed at essentially getting discovery and information via further "extremely vague" disclosure orders, he argued.

The bank now wanted the Quinns to disclose documents being held by their former lawyers, Eversheds, when the receivers had express power to direct Eversheds to deliver up documents, he said.

Having heard closing arguments concerning whether further orders should be made following cross-examination of the five Quinn children and two of their spouses – Stephen Kelly and Niall McPartland – Mr Justice Kelly reserved his ruling to a later date.

Irish Independent

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