Monday 22 January 2018

Quinn's son gives Russian bank account details to IBRC

Tim Healy

THE son of bankrupt businessman Sean Quinn has given statements of Russian bank accounts held by himself and other family members to the Irish Bank Resolution Corporation (IBRC).

Martin Hayden, for Sean Quinn Jnr, told the High Court his client was very anxious that the contempt issues be fully resolved as soon as possible and intended to make an application in that regard.

A number of steps had been taken but his clients wanted to keep certain issues private, added Mr Hayden.

Ms Justice Elizabeth Dunne noted that the bank wanted an opportunity to examine the documents provided by Mr Quinn.

The overall issue of a payment of $500,000 (€385,000) to Larissa Puga, the former general director of Quinn Properties Ukraine, remained to be resolved, she added.

Mr Quinn was found in contempt of court last year, arising from that Puga payment, and was jailed for three months.

His father, Sean Quinn Snr, also served a period in jail for contempt. The judge heard Mr Quinn Snr had indicated that he would abide by whatever orders the court made but that he had some concerns about proposals advanced by the bank.

The judge adjourned the matter to April 11, for mention only.

IBRC sought the Ocean Bank statements to establish if the Quinns had disclosed all details of their assets and their involvement with IPG companies. They say they have but the bank disputes this.

The Commercial Court has heard that substantial sums from Russian companies were paid, on foot of contracts of employment dating from summer 2011, into the Quinns' Ocean Bank accounts.

Most of those monies were paid out. The court was told that Mr Quinn obtained powers of attorney from his family to get their account statements.

He had previously indicated his willingness to sell the home that he shares with his wife at Alder Lodge, Farmleigh Woods, Castleknock, Dublin.

An "alternative financial proposal" may also be advanced, the court heard.

Irish Independent

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