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Quinn nephew must pay €145m damages

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Quinn: (Peter Darragh);  re  188 Million U.S dollars judgement.........  RECENT FILE PIC  of  PETER DARRAGH  QUINN,  NEPHEW   of   BANKRUPT  BUSINESSMAN, SEAN QUINN re  the IBRC - IRISH BANK RESOLUTION  CORPORATION-WHO WERE GRANTED JUDGEMENT  OF 188 MILLION U. S . DOLLARS AGAINST   PETER DARRAGH    QUINN  COMMERCIAL COURT, DUBLIN, ( 14/5/13)**** FILE PIC

PIC SHOWS: Hand  on heart ! PETER DARRAGH QUINN,  NEPHEW   of   BANKRUPT  BUSINESSMAN , SEAN QUINN , WHO IS STILL ON THE MISSING LIST PICTURED  ARRIVING AT   COURT  DURING AN EARLIER   HEARING  .

(PIC: COURTPIX.)

Quinn: (Peter Darragh); re 188 Million U.S dollars judgement......... RECENT FILE PIC of PETER DARRAGH QUINN, NEPHEW of BANKRUPT BUSINESSMAN, SEAN QUINN re the IBRC - IRISH BANK RESOLUTION CORPORATION-WHO WERE GRANTED JUDGEMENT OF 188 MILLION U. S . DOLLARS AGAINST PETER DARRAGH QUINN COMMERCIAL COURT, DUBLIN, ( 14/5/13)**** FILE PIC PIC SHOWS: Hand on heart ! PETER DARRAGH QUINN, NEPHEW of BANKRUPT BUSINESSMAN , SEAN QUINN , WHO IS STILL ON THE MISSING LIST PICTURED ARRIVING AT COURT DURING AN EARLIER HEARING . (PIC: COURTPIX.)

Quinn: (Peter Darragh); re 188 Million U.S dollars judgement......... RECENT FILE PIC of PETER DARRAGH QUINN, NEPHEW of BANKRUPT BUSINESSMAN, SEAN QUINN re the IBRC - IRISH BANK RESOLUTION CORPORATION-WHO WERE GRANTED JUDGEMENT OF 188 MILLION U. S . DOLLARS AGAINST PETER DARRAGH QUINN COMMERCIAL COURT, DUBLIN, ( 14/5/13)**** FILE PIC PIC SHOWS: Hand on heart ! PETER DARRAGH QUINN, NEPHEW of BANKRUPT BUSINESSMAN , SEAN QUINN , WHO IS STILL ON THE MISSING LIST PICTURED ARRIVING AT COURT DURING AN EARLIER HEARING . (PIC: COURTPIX.)

PETER Darragh Quinn, the nephew of bankrupt businessman Sean Quinn, has been ordered to pay $188m (€145m) damages to Irish Bank Resolution Corporation (IBRC) over his "pivotal" role in stripping assets from the Quinn family's International Property Group (IPG).

Meanwhile Sean Quinn Jnr's father-in-law, Pat Woods, is offering to make €75,000 available to assist him in trying to purge his contempt of court orders restraining stripping of assets from the IPG, the High Court has heard.

The moves affecting the cousins were dealt with before two different judges yesterday.

The €145m in Peter Darragh Quinn's case marks the "lost value" of the Kutuzoff Tower in Moscow, previously described as the most valuable asset in the IPG, Mr Justice Peter Kelly was told.

IBRC special liquidator Kieran Wallace had said evidence, and Peter Darragh Quinn's own admissions, showed he was a "key initiator" of the scheme and instrumental in unlawfully placing a Russian company Finansstroy, owner of the tower and other assets, into bankruptcy and beyond IBRC's reach.

Peadar Darragh Quinn was not in court yesterday.

He left the jurisdiction for his Fermanagh home in June 2012 as a judge was about to rule that he was in contempt after finding he engaged in asset-stripping in breach of court orders obtained by the bank.

A warrant for his arrest to serve a three-month term for contempt has yet to be executed.

Proposal

In the case involving Sean Quinn Jnr, Ms Justice Elizabeth Dunne heard that he had previously indicated he may sell the home in Castleknock, Dublin that he shares with his wife, Karen Woods, as part of his efforts to purge the contempt, but that he now wants to advance an alternative proposal.

Sean Quinn Jnr was found guilty of contempt in June 2012 by Ms Justice Dunne after she found he was involved in a $500,000 payment from Quinn Properties Ukraine (QPU) to Larissa Puga, former general director of QPU, around the time of the takeover of that company by IBRC. He had denied any involvement.

The judge jailed Quinn Jnr for three months.

He later lost his appeal to the Supreme Court against the contempt finding and has tried to purge his contempt.

Yesterday, Martin Hayden, for Quinn Jnr, said an offer of €75,000 had been made by Sean Quinn Jnr's father-in-law, Pat Woods, to help him in formulating an alternative proposal that would avoid selling his home.

hnews@herald.ie


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