IBRC buys out Russian debt collectors

IBRC’s special liquidators have bought out its partner in the controversial joint-venture it established nearly three years ago to recover key Quinn family assets in Russia and Ukraine, for $34m (€31m).

The former Anglo Irish Bank and Irish Nationwide Building Society entered into a joint venture with Russian investment firm A1 in late 2012 in a bid to regain control of Quinn assets beyond the reach of the State; particularly those in Russia and Ukraine.

Since then, A1 has recovered several key property assets, including the Kutuzoff Tower, an office development in Moscow.