Quinn children to help retrieve overseas bank accounts holding 'millions'
Sean Quinn's children are working with the liquidator of the Irish Bank Resolution Corporation (IBRC) to win control of a small number of overseas bank accounts containing what one source said was several million euro.
The bank accounts are among the last outstanding assets linked to the Quinns' property portfolio yet to be recovered by the liquidators of what was Anglo Irish Bank, according to informed sources.
The sources confirmed that all the major properties in the Quinns' €450m property portfolio were now controlled by IBRC, the entity that took on the assets and liabilities of the bust Anglo.
The protracted legal battle between the former tycoon's family and IBRC ended when both sides agreed a confidential settlement last week. IBRC sued the five Quinn children over €2.3bn in loans advanced by Anglo to Quinn companies, while Sean Quinn's five children sued IBRC. Both sides dropped their legal actions last Tuesday, with each agreeing to pay their own legal costs.
The confidential settlement obliges the Quinn children to cooperate with the bank's attempt to recover assets or have an €88m judgement enforced against them.
The only Quinn family member who is not bound by the settlement is Peter Darragh Quinn, who resides in another jurisdiction, and who was the subject of a bench warrant for his arrest when he was held to be contempt of the High Court. Sean Quinn has also signed the settlement agreement.
IBRC accused the Quinn family of conspiring to put their assets beyond reach, stripping the international property group of assets worth €445m in Russia, Ukraine and India.
Sources confirmed that the last of these major assets, a €70m office block in India, is now under IBRC control. The IBRC's attempts to take over the office block were thwarted when the shares were secretly transferred to a Dubai company out of their reach. A source said new insolvency laws in India generated new information that led to a breakthrough in securing ownership of the building.
Weeks before the landmark settlement, the IBRC revealed in the Commercial Court that new information had come to light about two Dubai firms it said were central to the alleged asset-stripping conspiracy. The other properties include shopping centres and office blocks in Russia and Ukraine, along with four pubs and two hotels, including the Slieve Russell in Ireland, and a hotel in the UK.
The total cost to the State of the legal actions, the international investigations and the loss of the assets' multi-million euro rent rolls is estimated at €170m.