Belfast Telegraph

Quinns 'in bid to keep assets from bank' claim

Businessman Sean Quinn's son-in-law was allowed to trade a €380 (£332) laptop for a $13.4m (£8.6m) property company as the Quinn family advanced a campaign to move their international property assets beyond the reach of Anglo Irish Bank, a Cyprus court was told yesterday.

The dramatic claim was made by Anglo as the bank questioned more than $300m (£192m) worth of transfers away from the Quinn family's international property empire in recent months.

Anglo seized the €500m (£437m) property portfolio on April 14 after the bank called in €2.8bn (£2.45bn) worth of Quinn family loans. The Quinn Group manufacturing empire was seized by the bank and other lenders on the same day.

Since then, Anglo alleges that the family has engaged in an “orchestrated attack” to “strip assets” from the international property group and put those assets beyond Anglo's reach.

The alleged laptop trade involves a Russian company called Red Sector, which owns a DIY store worth $13.4m. A company seized by Anglo owned 100% of Red Sector until July 21.

On that date Stephen Kelly, the husband of Sean Quinn's daughter Aoife, became a 4.9% shareholder. By August 8, Mr Kelly was listed as the sole shareholder and the stake owned by Anglo's company had been eliminated.

“The only consideration provided was a laptop computer worth approximately €380,” Anglo told the court yesterday.

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