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IBRC: Clear deficiencies in information given by Quinn family

The Commercial Court has been told certain evidence given by members of bankrupt businessman Sean...
Newstalk
Newstalk

12.04 19 Mar 2013


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IBRC: Clear deficiencies in in...

IBRC: Clear deficiencies in information given by Quinn family

Newstalk
Newstalk

12.04 19 Mar 2013


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The Commercial Court has been told certain evidence given by members of bankrupt businessman Sean Quinn's family was 'incredible, not complete, implausible and conflicting'.

Lawyers for IBRC (in liquidation) claim there have been 'clear deficiencies' in the Quinns' obligations to disclose information to the bank about their accounts and the family's International Property Group assets.

They want Mr. Justice Peter Kelly to consider granting new orders directing further disclosure by the family.

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The request follows the cross examination by the bank's legal team of Aoife Quinn, Ciara Quinn, Brenda Quinn, Colette Quinn and Sean Quinn Junior, last January.

Also questioned were in-laws Niall McPartland and Stephen Kelly.

Claims Sean Quinn Junior held 'significant role'

Shane Murphy, SC, for IBRC (in liquidation), described as 'illogical' and' implausible' evidence Quinn family members were receiving 6-figure sum salaries from Quinn IPG companies with no documents outlining their duties.

One issue of concern is the whereabouts of documents outlining what happened to the rent rolls from certain Russian property assets. The bank alleges Sean Quinn Junior held a significant role in these transactions involving.

They claim his disproportionate income when compared to Russian employees (around 10-to-1) 'leads to the inference his role was one of control at the highest level rather than subordination as Sean Quinn Junior suggests' Mr. Murphy said.

He said there was some evidence from the family that large ATM withdrawals from Russian bank accounts were used to pay legal fees but receipts were not submitted.

IBRC's concern is policing court orders from 2011 stopping the Quinns from stripping assets in their International Property Group.


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