Seán Quinn Jr, the son of jailed businessman Seán Quinn, is prepared to sell the home he shares with his wife in a bid to purge his contempt of court, the High Court heard yesterday.
Irish Bank Resolution Corporation told the court it wants time to consider Mr Quinn Jr’s offer to give his half of the proceeds of sale of the couple’s apartment to Quinn Properties Ukraine, a company within the Quinn family’s International Property Group (IPG).
Shane Murphy SC, for the bank, said it also wanted to consider a range of matters set out in a letter sent to it by solicitors for the Quinns.
Mr Quinn Jr was jailed last July for three months for contempt of court orders of Jun and Jul 2011 restraining stripping of assets from the IPG. Ms Justice Elizabeth Dunne found he was involved in a €500,000 (€382,000) payment made in late Aug 2011 to Larissa Puga, general director of QPU.
His cousin Peter Darragh Quinn was also jailed for three months but that sentence has not been executed as the businessman has remained in Northern Ireland. Seán Quinn Sr remains in prison for contempt and is due for release next month.
The contempt proceedings were brought in the context of an action by IBRC against various members of the Quinn family and several companies aimed at protecting more than €430m assets in the IPG.
Yesterday, Ms Justice Dunne was told Mr Quinn Jr was prepared to sell the home he jointly owns with Karen Woods at Alder Lodge, Farmleigh Woods, Castleknock, Dublin, and to lodge the proceeds into court.
In the letter from Arthur McLean Solicitors, the court was asked to defer the marketing and sale of the property until Sept 2013 to allow the couple some months “to regularise their lives together”. Mr Quinn Jr was jailed shortly after their wedding earlier this year.
The letter said Mr Quinn was putting up for sale his home, the only asset likely to achieve a value of $500,000, the sum paid to Ms Puga which had led to his imprisonment.
The letter also outlined the Quinns view the entitlement of IBRC to that money was “questionable” as IBRC had only a 15% stake in QPU, owned principally by relatives and neighbours of the Quinns. Proceedings are under way in Ukraine in which IBRC is seeking reimbursement of the money, the letter added.
Martin Hayden SC, for Mr Quinn Jr, said his client was making every effort to purge his contempt but more time was required by his legal team.
Ms Justice Dunne agreed to put the matter back to next Wednesday.
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