sábado, 30 de junio de 2012

You're not Quinn the clear yet - The Sun

They trio have until July 20 to reverse steps they took to hide millions in international property assets from the former Anglo Irish Bank.

Ex-billionaire Quinn, son Sean and nephew Peter Darragh Quinn avoided a prison term yesterday for contempt of court after stashing away a €500million property portfolio from the lender.

They had tried to shift holdings in Ukraine and Russia into shelf companies and conceal them from the rebranded zombie bank.

But they could still find themselves locked up if they don't comply with court orders.

In a damning judgment, High Court Judge Elizabeth Dunne said the men had been blatantly dishonest when questioned on the stand.

Yesterday she warned them to disclose ALL assets here and worldwide and ordered a receiver to be appointed to review their holdings apart from family homes and joint accounts.

The men must resign from the board of directors or any executive or managerial position within the Quinn International Property Group.

And they must also reverse any steps taken to transfer assets out of the Quinn Group.

Judge Dunne added: "I find it disappointing, at even this late stage, there seems to be no acknowledgment of the wrongdoing that has been done by the respondents."

And she declared she would not "sit idly by" if assets were stripped a second time.

Quinn owes Irish Bank Resolution Corporation €2.8billion after running up losses through secret stock investments in Anglo. The court will reassess the Quinns' level of co-operation with IBRC at a later date.

irishsun@the-sun.ie

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