Russian Quinn contracts had '€7.5m assassination clause'

Members of bankrupt businessman Seán Quinn's family travelled to Moscow to sign employment contracts with Russian companies entitling them to "huge" payments of up to €36 million each, plus up to €7.5 million extra each for any "assassination attempts" on them, the Supreme Court has heard.

According to emails recently obtained from a "deliberately smashed" computer in premises of one of the Russian companies, the contracts provided for payments up to 300m roubles - about €7.5 million - if the Quinns were injured or disabled or there was an "assassination attempt" on them while on "official duties" for the companies.

The contracts also provided for employment termination payments ranging from €15 million to €36 million each, plus substantial annual wages up to €560,000 each and a wide range of benefits.

Arrangements to draft and sign the contracts were made by family members days before and on the eve of a July 20th 2011 High Court application by Irish Bank Resolution Corporation, formerly Anglo Irish Bank, for orders restraining the stripping of assets worth up to $430 million from companies in the family's international property group.

Other emails showed Sean Quinn jnr dealing with property management issues for Russian companies earlier this year, months after the Quinns told the High Court they had lost control of those companies, Paul Gallagher SC, for IBRC said today.

The emails were obtained by the administrator appointed by the bank to one of the Russian companies, Finansstroy, and showed the Quinns had given "utterly false" evidence in the High Court contempt proceedings about not being in control of the Russian companies, counsel said.

These and other matters should persuade the Supreme Court to uphold a High Court finding that Seán Quinn jnr was lawfully jailed last July for contempt of orders made by the High Court in June and July 2011 restraining stripping of assets so as to place them beyond the reach of IBRC, he said.

Counsel was making submissions in the continuing appeal by Seán Quinn jnr against a High Court finding of June last he was in contempt of the June and July 2011 orders via participation in a US$500,000 payment to Larrisa Puga, general director of Quinn Properties Ukraine, in late August 2011 just beforer the bank took over that company.

The appeal is also against the July 20th order jailing Seán Quinn jnr following failure to comply with some 30 coercive orders aimed at reversing the Puga payment and other asset-stripping measures.

The appeal opened on Tuesday but ran longer than the two days allocated for it and has been adjourned to Wednesday next when it is expected to conclude with judgment reserved.