Belfast Telegraph

Saturday 26 July 2014

Quinns stood to net €250m severance bonanza

Sean Quinn

The family of bankrupt Fermanagh businessman Sean Quinn stood to receive more than €250m (£200m) in severance fees from Russian companies within their international property group (IPG), according to new papers filed at the Republic’s Supreme Court.

The claims, by the former Anglo Irish Bank, will be revealed today in jailed businessman Sean Quinn jnr's challenge to his three-month jail term for contempt of court.

The IBRC, formerly Anglo, will also claim new evidence gleaned from a damaged computer in Russia shows Sean Quinn jnr's wife, Karen Woods, was to receive payments of more than €36m (£28m) — and an annual salary of about €560,000 (£448,000) — if her employment with the family's Russian companies was terminated.

Ms Woods, who attended the Supreme Court yesterday, was engaged to be married when the contracts were drawn up.

It is understood that the monies were not received by members of the Quinn family or Ms Woods, despite the terms and conditions in the contracts, which stipulated:

  • €36m termination payments for each of Mr Quinn's daughters, Aoife, Ciara and Colette Quinn.
  • €26m (£20.8m) termination payments and an annual salary of €221,947 (£177,000) for Peter Darragh Quinn, nephew of Sean Quinn snr, and former head of the IPG.
  • €15m (£12m) termination payments for Sean Quinn jnr.
  • €36m and an annual salary of about €560,000 for Karen Woods if her employment was terminated.

Niall McPartland, the solicitor husband of Ciara Quinn, had contracts for sums similar to Ms Woods, the IBRC claims. The contracts were signed weeks before the court banned any interference by the Quinns in their €500m (£400m) global property group.

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