Belfast Telegraph

Officials seek to trawl accounts of Sean Quinn grandkids

By Dearbhail McDonald

The former Anglo Irish Bank will ask the Irish courts for permission to conduct a trawl of any bank accounts held by the grandchildren of bankrupt businessman Sean Quinn.

Anglo — now known as the IBRC — has asked the High Court in Dublin to appoint receivers over the worldwide assets of Mr Quinn's five children, including his jailed son Sean Quinn jnr.

But, now, the bank fears the Quinns — as part of an elaborate scheme to place €500m (£375m) worth of overseas properties beyond the reach of the IBRC — may have created trusts for the benefit of Mr Quinn's grandchildren.

Fermanagh native Mr Quinn has two grandchildren, and his daughter Ciara Quinn — mother of the two minors — is due to give birth to her third child this week.

Yesterday, former Attorney General Paul Gallagher, for the IBRC, indicated to the High Court that the bank will ask the Quinns to disclose if any trusts have been set up in the grandchildren's names and if any monies have been set aside for them.

Meanwhile, it has emerged that jailed Sean Quinn jnr's new bride received more than €320,000 in salaries from Russian companies in the year leading up to her glitzy marriage to the Quinn heir.

Karen Woods married bankrupt businessman Sean Quinn snr's only son in May, with a reception at the Ritz-Carlton Hotel in Powerscourt, Co Wicklow. It has emerged that Ms Woods was one of eight members of the Quinn family and their partners to receive €2.8m in purported salaries from three Russian companies after the Quinn Group was placed under the control of the former Anglo Irish Bank.

She received €320,927 in after-tax salaries from three Russian companies.

IBRC has said in court papers that it was “not aware of any work done” by Ms Woods to justify the payments.

On-the-run Peter Darragh Quinn (left) got the largest salary of €474,974 and claims this “fairly recompensed” him for work done in Russia.

Mr Quinn said yesterday he would trade places with his jailed son Sean jnr, who was convicted of contempt of court.

“I believe my son is more innocent than anybody,” Quinn snr told the BBC.

Quinn snr, who avoided jail to assist IBRC to recover assets, added: “I'll do whatever they want me to do.”

Belfast Telegraph


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