Seán Quinn has told the High Court he had "no idea" about alleged steps to move assets out of the Quinn international property group for ultimate onward transfer to off-shore companies.
Mr Quinn agreed today the former Anglo Irish Bank had advanced loans of €455 million for property investments by Quinn companies and also agreed he supported moves to put assets in the international property group (IPG) beyond the reach of Anglo, now Irish Bank Resolution Corporation.
Mr Quinn was asked at length today about alleged steps taken by the Quinn family in Russia, Cyprus and elsewhere to ensure valuable assets were moved out of companies in the IPG to apparently unconnected companies and ultimately to off-shore entities controlled by the family.
He knew "zero" about it and had handed over to his children and in-laws all responsibility after Anglo took over his companies on April 14th 2011, he told Paul Gallagher SC, for IBRC.
When Mr Gallagher said Mr Quinn's children must have explained to him what was in documents he was asked to sign related to various IPG companies, he said his ambition was to get assets "out of the name of this reckless bank" that had "destroyed" him and his companies.
"I didn't care how they did it," he said.
After Mr Quinn had made repeated criticisms of the general conduct of Anglo, Ms Justice Elizabeth Dunne intervened and said he was dealing with matters outside of the contempt proceedings, and she did not want "to hear this again".
She said she understood Mr Quinn's view and told him he "may be proved right one day" but the issues he was raising were not for decision in this case.
The cross-examination of Mr Quinn resumed today in the continuing hearing of the bank's application for orders for attachment and committal of him, his son Sean Junior and nephew Peter.
The three deny contempt of court orders of June and July 2011 restraining dissipation of assets in the Quinn international property group (IPG).
They say steps to put assets beyond Anglo's reach were taken before those orders were granted. The High Court made the orders in proceedings where the bank, owed €2.8 billion by Quinn companies, claims the family was trying to put foreign properties with a value of up to €500 million beyond its reach.
Among the contempt claims against Sean Quinn is that he was involved in the assignment of about US$130m worth of loans to a Belize entity for nominal consideration on or after July 20th 2011 and in back-dating those loans to April 2011.
It is also alleged he was involved in an alleged fraudulent assignment on or after July 6th 2011 of a €45.2m debt to a Northern Ireland company, Innishmore, controlled by Peter Darragh Quinn, with a view to taking control of a Ukrainian property asset worth about US$78m.
Today, Mr Quinn said he knew nothing about the administration of the companies in the IPG but left that to his children, in-laws and about 20 to 30 accountants. He had no interest and his job was making money, he said.
When Mr Gallagher said documents filed by Mr Quinn in bankruptcy proceedings made clear he understood the structure of the companies in the IPG, Mr Quinn agreed he had filed the documents but reiterated he was not involved in the administration of those companies.
IBRC has said it does not accept Mr Quinn's claim he had no involvement after April 2011 in putting assets beyond Anglo's reach, including the assignment of Stg£100m loans for a consideration of about €2,900.
