A dispute between members of Seán Quinn’s family and Irish Bank Resolution Corporation over the scope of orders freezing and monitoring their accounts and assets has been adjourned at the High Court.
State-owned IBRC opposes the Quinns’ bid to have various assets, including their family homes, other properties, certain shareholdings and their family home in Co Cavan, excluded from orders granted in 2012 which froze their accounts and assets.
Mr Quinn’s five adult children, along with Stephen Kelly, Niall McPartland and Karen Woods, (respectively spouses of Aoife, Ciara and Sean Quinn Jr) want to vary the orders, saying they prevent them getting mortgages to buy family homes or loans for cars or holidays, and to live “normal” lives.
IBRC special liquidator Kieran Wallace said it was “impossible” to consent to the orders being varied due to alleged “demonstrable dishonesty” of the Quinns themselves and of an “enormous fraudulent” scheme to strip up to €455m assets from the family’s international property group (IPG) and put them beyond the reach of the bank and ultimately the Irish taxpayer.
IBRC still does not know the wherabouts of certain assets and estimates it has been deprived of some $95m (€86m) rental income along with various valuable properties in several countries.
IBRC continues to believe “extremely large” amounts of money and assets have been held in offshore locations for the benefit of the Quinns, he added.
The Quinns deny any dishonesty and say they have no control over, and do not know the whereabouts of the IPG assets since the former Anglo Irish Bank, which advanced huge loans to Quinn companies, was taken over by IBRC.
They dispute IBRC has any valid security over the IPG assets and deny they have not co-operated with receivers appointed by the court over their assets.
When Ross Aylward, counsel for the Quinns, outlined the variation application to Mr Justice Robert Haughton yesterday, the judge suggested there might be “another way of doing this”. He was later told terms had been agreed for the matter to be adjourned to September.
The terms include the Quinns can receive child benefit and any maintenance payments into accounts excluded from the terms of the freezing orders on condition the receivers are told of the amounts and frequency of such payments.
Ciara Quinn’s salary from a nursing agency will be paid into an excluded account, over which the receiver will have full visibility, and she can apply to IBRC if she anticipates getting payments of more than €2,500 from other agencies.
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