Northern Ireland

Anglo Irish Bank seeks Quinn family's foreign properties

Anglo Irish Bank has alleged that the Quinn family engaged in an orchestrated attempt to put assets beyond the reach of the courts and the bank.

The claim was made in a court in Cyprus as part of an ongoing battle between the bank and the family.

The bank claims the family sold assets worth almost $200m to relatives in return for a laptop computer and 1,000 euros.

A source close to Quinn family said the allegations were "spurious".

The source added that no court had made a finding of impropriety against the Quinn family and the claims were another attempt on behalf of the bank to to blacken the name of Sean Quinn and his family.

Anglo Irish Bank is owed 2.8bn euros by the Quinn family.

The ultimate shareholders of the group are Sean Quinn's wife Patricia, and their five children.

As part of its efforts to reclaim the money, Anglo is engaged in a legal battle with Mr Quinn's wife and children to gain control of the family's international properties.

It is understood the family's international property portfolio is valued at around $500m.

In a court hearing in Cyprus, Anglo claimed that Mr Quinn's wife and five children used a court injunction as cover for "unlawful and hidden actions" to put assets beyond the reach of the bank.

Anglo claims this included transferring the assets of a Russian company, Finansstroy, to their cousin Peter Quinn for 1,000 euros.

Finansstroy owns the Kutuzoff Tower block in Moscow and is believed to be valued at $180m.

The bank also allege that the family transferred assets worth $13.5m from Red Sector, another Russian company to Stephen Kelly, the husband of Mr Quinn's daughter, in return for a $380 laptop.

The bank's head of corporate projects Richard Woodhouse said these actions were intended to put assets beyond the reach of the courts and Anglo.

Anglo is attempting to lift the injunction, which the family obtained last June.

It prevents the bank from seizing control of the properties.

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