Belfast Telegraph

Sunday 21 December 2014

'No spend record' of Quinn daughter

Aoife Quinn, the daughter of bankrupt businessman Sean Quinn, arrives at the Commercial Court in Dublin
Aoife Quinn, the daughter of bankrupt businessman Sean Quinn, arrives at the Commercial Court in Dublin

One of ex-billionaire Sean Quinn's daughters has claimed she has no records of how she spent more than 370,000 euro on a Visa card within a year.

Aoife Quinn said she could not recall how she went through the money between June 2011 and July last year, but believed most of it was on legal fees. Quizzed about the lawyers fees, she told the Commercial Court she had no receipts for them.

In her second day of being cross-examined about whether her family have fully disclosed their assets, Ms Quinn said her 379,000 euro salary from three Russian companies - Red Sector, Logistica and Finanstroy - was paid into Ocean Bank in Moscow.

She had to travel to the Russian capital to open up the account, for which she received no email or written statements but only text messages. Her mobile phone was stolen last year.

But Ms Quinn denied it was a significant enough event - switching her salary account from Ulster Bank in Main Street, Ballyconnell, Co Cavan to Moscow - that she would have retained any records. She said: "I didn't believe so. I was just told the transfer could not have been made to an Irish bank."

The balance of the Moscow account shrunk from 379,000 euro to just 6,000 euro in the 13 months since June 2011. Ms Quinn said: "The vast, vast majority of that money was spent on legal fees." Asked about two bonuses of about 50,000 euro paid to her from the companies, she said she could not recall the exact amount.

"I'm not sure of the figure," she said. "I'm not great with maths, especially in my head and especially under pressure."

Ms Quinn is the first of five of Sean Quinn's children and three of their spouses to be cross-examined by lawyers for the Irish Bank Resolution Corporation (IBRC). The former Anglo Irish Bank is quizzing the clan about whether they fully disclosed information on assets and accounts in their names after freezing orders were imposed by the court last July.

Paul Gallagher SC, for IBRC, said it was inconceivable that Ms Quinn had no notes or documents from a whole series of business meetings in Moscow, Zurich, Cyprus and Dubai.

The barrister repeatedly pressed her on whether it was believable she had no employment records, no bank statements and no records of very substantial payments and transactions. But Ms Quinn said a substantial amount of documentation has been disclosed to lawyers for both the family and IBRC, including everything relevant that was in her possession.

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