Tag Archives: Sean Quinn

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)

Well now we know he’s not.

Thanks to the BBC (again).

An investigation by BBC NI’s Spotlight [last night] into Sean Quinn’s empire has tracked down the headquarters of a company that controls more than $100m-worth of assets belonging to Irish taxpayers.

[Reporter] Jim Fitzpatrick travelled to Belize on the hunt for a company that has laid claim to the millions.

Mr Quinn went bankrupt in January owing 2.8bn euros to the Anglo Irish Bank.

It hoped to recover around 500m euros through sales of Quinn Group’s international property portfolio

However, the bank, now nationalised and called Irish Bank Resolution Corporation, soon discovered that it had lost control of these valuable assets.

…The programme uncovers documentary evidence in Sweden which demonstrates that Sean Quinn was part of a secret boardroom coup which put him back in charge of the property empire weeks after he had been dismissed from the Quinn Group.


Watch Sean Quinn’s Missing Millions here (you may need this)

Sean Quinn Spotlight Tracks Down Company (BBC)

(Laura Hutton/Photocall Ireland)

Seán Quinn appeared at the Commercial Court yesterday seeking permission to defend claims that he has some liability for €2.34 billion loaned to various Quinn companies by Anglo:

When the judge said the bank disputed whether he could appear, Mr Quinn said: “I don’t know, judge, the way I see it, Anglo joined me, I filed a defence and I want to stand over it.”

The judge said an interesting legal issue arose whether Mr Quinn could do so. The judge fixed Mr Quinn’s application for hearing on March 15th and directed the relevant legal documents be served at his address in Co Cavan. When Mr Quinn said he was “not big into emails”, the judge directed the documents could be served by ordinary post.

When the judge asked Mr Quinn how long he required to prepare for the hearing on his entitlement to defend, the latter said a week to 10 days would be adequate. “I’m a simple farmer’s son,” he said, to which the judge said: “I’m a simple man myself”.

In the distance, a chicken coughed.

Quinn seeks to stand over his defence (Irish Times)

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CONTEMPT OF court proceedings have been initiated against the bankrupt businessman Seán Quinn, his son Seán Quinn jnr, and his nephew, Peter Darragh Quinn.

The Irish Bank Resolution Corporation, formerly Anglo Irish Bank, yesterday filed a motion in the High Court seeking to have the three found in contempt of court for breaches of an injunction preventing them from moving certain assets.

The injunction was issued in July last year by Mr Justice Frank Clarke.

Persons found to be in contempt of court can have their property seized or be committed to prison.

Allegations rejected, position to be defended vigorously, vast €500m foreign property portfolio increasingly unlikely to form part of the kids. inheritance, yadda, yadda.

Man, this popcorn is going stale.

Anglo takes contempt of court action against Quinns

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DEBTORS COULD emerge from bankruptcy in less than five years under new legislation to be outlined by the Government within a fortnight.

The Cabinet has discussed whether the issue of mortgages should be incorporated into the Personal Insolvency Bill, which will significantly reduce the bankruptcy term from its current minimum of 12 years.

While publication of the Bill is a condition imposed by the EU and the IMF as part of the bailout package, Mr Shatter said he would nevertheless have tried to introduce it “in different economic circumstances”.

He said many of those who complained of being rendered insolvent “voluntarily placed themselves in positions . . . in which they raised money from banks and money that may have been very unwise to raise.

“Some individuals who now are trying to wash their hands of personal responsibility for borrowings at levels that were verging on the insane, deserve little sympathy”.

 

Bill will cut bankruptcy term for debtors to five years or less (Irish Times)

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 FORMER BILLIONAIRE Seán Quinn said yesterday he was “shocked” that Government Ministers had “interfered” in court proceedings abroad where his family is trying to prevent properties worth hundreds of millions of euro being seized by the state-owned Irish Bank Resolution Corporation, formerly Anglo.

Mr Quinn made the comment in a statement issued after the Commercial Court in Dublin made an unprecedented €1.7 billion summary judgment order against him in favour of the bank.

A spokesman for Taoiseach Enda Kenny confirmed last night that a case being taken in Ukraine by the bank in relation to valuable property there was “referenced” by Mr Kenny during a meeting in September with Ukrainian president Viktor Yanukovych.

Mr Quinn’s comment is also understood to be a reference to alleged representations by the Irish Embassy to Russia, where the Quinns also bought valuable commercial property using loans from Anglo.

The properties in question – which IBRC, formerly Anglo, claims were used as collateral for massive loans to the Quinn family – are worth €500 million.

Mmf.

Quinn says he is shocked State ‘interfered’ in his cases abroad (Irish Times)

(Photocall Ireland)