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Sale of Quinn foreign assets is put on hold

IBRC special liquidators and Russian asset recovery firm A1 have agreed to delay the sale of key former Quinn family assets in Russia and Ukraine until the economic situation there improves.

The special liquidators said assets secured by the Irish State include a skyscraper in Moscow, a shopping centre and a logistics park.

But their value has fallen by an estimated $80m (€73m) over the past two years as a result of the political crisis that has engulfed both Russia and Ukraine, according to IBRC's special liquidators.

A revised deal has been drawn up between A1 and the special liquidators which involves holding on to the assets for longer. IBRC formed the joint venture with A1 in February 2013 to recoup key property assets in Russia and the Ukraine linked to Sean Quinn (above).

Mr Quinn, once the country's richest man, was one of the biggest foreign investors in Russian commercial property during the Celtic Tiger years before he went bankrupt in January 2012. Special liquidator Kieran Wallace said the joint venture approach has worked well.

"The revision of the joint venture agreement with A1 makes commercial sense as it is in the best interests of the State that these assets are not sold now at depressed prices," he said.

"We will continue to benefit from the income generated from the secured assets and to work to recover more assets."

Control has been secured over the Q Park logistics facility in Kazan, Kutuzoff Tower office block in Moscow and a shopping centre.