Quinn Jnr offers €75,000 towards purging contempt
Court hears of alternative financial proposal to avoid sale of home
File photo of Sean Quinn Jnr who was found guilty of contempt in June 2012. Photograph: David Sleator /The Irish Times
Sean Quinn Junior is offering to provide € 75,000 towards purging his contempt of court orders restraining stripping of assets from the Quinn family’s international property group, the High Court has heard.
Sean Quinn Jnr had previously indicated he may sell the home in Castleknock, Dublin, he shares with his wife Karen Woods as part of his efforts to purge contempt but the court later heard he wants to advance an alternative financial proposal. Now, his father in law Pat Woods has offered to assist him by providing him with €75,000.
Mr Quinn was found guilty of contempt in June 2012 by Ms Justice Elizabeth Dunne after she found he was involved in a US$500,000 payment from Quinn Properties Ukraine (QPU) to Larissa Puga, former general director of QPU, around the time of the takeover of that company by Irish Bank Resolution Corporation. He had denied any involvement in that payment.
The judge jailed Mr Quinn for three months and he completed that term. He later lost his appeal to the Supreme Court against the contempt finding and has engaged in efforts to purge his contempt.
The matter has come before Ms Justice Dunne several times and was adjourned to facilitate several steps by Mr Quinn, including a trip to Moscow to collect statements related to accounts held by himself and other members of his family with Ocean Bank there.
Today, Martin Hayden SC, for Mr Quinn, outlined an offer of €75,000 had been made to assist his client in formulating an alternative proposal which would avoid the sale of his home.
The €75,000 sum represents the 15 per cent stake held by Quinn Investments Sweden AB in the Leonardo Building in Kiev, Ukraine, subject of a complex ownership arrangement involving other companies not involved in the litigation between the Quinn family and IBRC.
Shane Murphy SC, for IBRC, asked for a short adjournment to allow his side assess matters which had arisen.
The judge adjourned the matter to June 11th next when she will consider whether Mr Quinn’s proposals are sufficient to purge his contempt.
Mr Hayden previously told the judge Mr Quinn and his wife are very stressed by the proceedings and are anxious the contempt issues are fully resolved as soon as possible.
Mr Quinn’s father, Sean Quinn Senior, who also served a period in jail for contempt, has indicated he will abide by whatever orders the court made in the matter but had some concerns about proposals advanced by the bank.
There was no appearance again today by Peter Darragh Quinn, a nephew of Mr Quinn, who was also found in contempt. An order for his arrest to serve a three month term has not been executed as he remains outside the jurisdiction at his home in Northern Ireland.