BUSINESSMAN Seán Quinn has denied being the “orchestrator” of an alleged plan to put multimillion euro foreign property assets of Quinn companies beyond the reach of the former Anglo Irish Bank.
Mr Quinn said he “resented greatly” claims by the bank – now part of Irish Bank Resolution Corporation – that he breached court orders of June and July 2011 restraining steps by his family to strip assets from their international property group.
Mr Quinn has agreed there was a plan by his family to move assets out of the reach of Anglo but denies knowledge of, or involvement in, any steps allegedly taken to further that plan after the court orders were made.
He was re-examined yesterday by his counsel, Bill Shipsey SC, in the hearing before Ms Justice Elizabeth Dunne for attachment and committal orders against him, his son Sean and his nephew Peter Darragh Quinn for alleged contempt of the 2011 orders. All three have denied contempt.
The re-examination of Mr Quinn, the last of the three to give evidence, concluded yesterday. Because the Quinn side is not cross-examining IBRC personnel on their affidavits, the overall evidence has concluded.
The judge adjourned the case to Thursday to allow both sides to file written submissions on legal issues. Counsel will then make oral submissions, expected to conclude on Friday, when it is believed the judge will reserve her ruling.
The High Court made the restraint orders in proceedings where the bank claims the family was trying to put properties in the international property group – said to have assets valued at up to €500 million – beyond its reach.
In separate proceedings, the family claim they are not liable for loans of €2.34 billion made by Anglo to Quinn companies because those loans were unlawfully made to prop up the bank’s share price.
Yesterday, Mr Shipsey told Mr Quinn the bank was suggesting he was the “paterfamilias” and had put up “a smokescreen” to cover his alleged direction of matters.
Mr Quinn said he was not directing things, was not involved in his family’s action against the bank and would have spoken to his children only in “very general” terms about what was happening in Russia, Ukraine and elsewhere.
There was “absolutely no truth” in the allegations of contempt, he said. With a business career spanning 38 years, in which he had never come before a court and was open in his business dealings, he was angry at this allegation.
Mr Quinn said he regarded as “obscene” the claim he would have sanctioned what counsel described as “a golden parachute” payment of $500,000 to Yanis Puga, general director of Quinn Properties Ukraine.
