Quinns devised ‘largest, most devious’ scheme to protect assets
Mr Justice Peter Kelly said the Quinns had created a scheme that was mesmerisingly complex and reeking of dishonesty and sharp practice, to put assets beyond the reach of the bank and “feather their own nests”. The judge said while he had presided over the Commercial Court since 2004 and was dealing more often with cases involving “national and international fraud, sharp practice, chicanery and dishonesty”, he had never seen anything like the conduct in this case.
He made the comments as he granted an application by Irish Bank Resolution Corporation, formerly Anglo, for the appointment of Declan Taite as receiver over the worldwide assets of various Quinn family members and over companies based in Belize, Panama, Russia and United Arab Emirates, allegedly linked to the assets-stripping.
He also granted IBRC interlocutory orders freezing the accounts of various Quinn family members below €50m. The orders cover everything except family homes, certain joint accounts and certain future earnings unrelated to the international property group.
They apply to Seán Quinn’s five adult children, nephew Peter Darragh Quinn, two sons-in-law, Stephen Kelly and Niall McPartland, a number of foreign companies and any other party aware of the making of the orders.
An interim account freezing order was also granted against Karen Woods, who married Seán Quinn Jr, now in prison for contempt of court, earlier this year. On Tuesday, the bank will also seek appointment of a receiver over her assets.
The Quinns are to swear individual affidavits disclosing their income and assets. They must also state what living expenses they require. The judge will decide on the expenses on Tuesday.
They had been granted up to €2,000 each weekly by agreement with IBRC, but the bank says that is not the position now as it was given significantly wrong information about their earnings.