This morning Sean Quinn, his son Sean (top) and his nephew Peter Quinn were found guilty of trying to put some of Quinn Group’s international property assets out of the reach of Anglo Irish Bank.
On foot of this IBRC (formerly Anglo) CEO Mike Aynsley (above centre) said: “Bringing this contempt motion was a valid and necessary step for IBRC to take. “The proven planned, covert and illicit actions taken by the Quinns and connected parties have resulted in millions of Euros being lost or put at risk. IBRC will continue to seek to remedy this and recover as much of the remaining assets as possible on behalf of the Irish taxpayer.”
Separately last Saturday the Irish Independent reported: “The Comptroller and Auditor General (C&AG), questioned the value of NAMA trawling for hidden developer assets, even where debtors were not co-operating with the agency.…Some hidden wealth was discovered, but the assets ‘were insignificant in value and not all would result in a benefit to NAMA’, according to the C&AG report. Questions over the value of the pilot scheme have left a major question mark over NAMA’s intention of carrying out detailed searches into the wealth of all of its borrowers.”
Nicola Tallant, in the Sunday World last, reported how auctioneer Arthur French owes €50million to IBRC following a series of loans from Michael Fingleton’s Irish Nationwide Building Society and property and land purchases in Dublin, Kildare, Galway and Two Mile Borris in Tipperary.
It stated 10 properties French bought are now in NAMA.
But, the article, continued: “The millionaire auctioneer has allegedly cashed in around €10million of successful property developments in the last three years but has failed to pay any of what he owes to the State.”
Adding: “(French) was shocked when we contacted him about his NAMA loans, saying ‘Why are you running a story on it? You don’t run a story on everyone who is in NAMA.’ French then refused to comment on why he has not paid any money back on the loans, despite reports that he has sold off assets in the region of €10million over the past three years.
(Sam Boal/Photocall Ireland)
