Belfast Telegraph

Tuesday 22 July 2014

Son 'has no clue' about Quinn money

Sean Quinn Junior said he never looked at its accounts because they were in Russian

The son of bankrupt tycoon Sean Quinn has not got a clue where rents from the family's global property empire have gone, he has told a court.

Sean Quinn Junior said he was aware of allegations that money had gone missing from Quinn Companies, but added there was a lot of cash sitting in bank accounts.

"I have not got a clue about where any money has gone. May I be struck dead when I leave this court if I am wrong," he told the Commercial Court.

Mr Quinn Junior is being cross-examined by lawyers for the Irish Bank Resolution Corporation (IBRC).

They want to know whether he and his family have fully disclosed information on assets and accounts in their names after freezing orders were imposed by the court last July.

Mr Quinn Jnr said although he was deputy general director of finance for one of three Russia-based Quinn companies - Logistica - he did not have their accounts, because they were in Russian.

Asked by Judge Peter Kelly how he could manage the company if he was "bamboozled" by the accounts, Mr Quinn Jnr said he managed tenant issues indirectly through colleagues, and not financial matters.

He said IBRC knows where the money has gone.

Shane Murphy, barrister for IBRC - formerly Anglo Irish Bank - said it was "wholly implausible" that Mr Quinn Junior did not have documents on the accounts of companies he was involved in.

But Mr Quinn Junior insisted "rightly or wrongly" he did not retain every document he ever had, including one of the most important documents he ever signed in his life - giving away the Quinn Group last year.

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