Belfast Telegraph

Monday 1 September 2014

Bank loses £59m in Quinn rents

The former Anglo Irish Bank has lost out on up to £58.7m in rents in less than two years from the Quinn family's international properties.

The beneficiaries of the rent roll remain a mystery and efforts by the Irish Bank Resolution Corporation (IBRC), formerly Anglo, to uncover the identity of the recipients of the cash have so far been unsuccessful.

Details of the scale of the rental income which has eluded the bank have emerged weeks after bankrupt Sean Quinn Snr was released from prison after serving three months for breaking court orders not to interfere with the family's property portfolio.

IBRC has been engaged in a global race against time to secure the lucrative rent roll generated by the family's property group (IPG) - once valued at (£419.3m) - since it placed the Quinn Group into receivership in April 2011. The family and the nationalised bank are involved in a dispute and the family have brought legal action against the IBRC disputing the validity of £1.9bn of £2.4bn the IBRC says it is owed.

The IPG has become the key battleground between both sides.

The dispute has seen Sean Quinn Snr and his son Sean Jnr jailed for breaking court orders not to interfere with the family's property portfolio. A third member of the Quinn family, Peter Darragh Quinn - Mr Quinn's nephew and former head of the IPG - was also sentenced to serve three months in jail for contempt.

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