...When the former Anglo -- now Irish Bank Resolution Corporation (IBRC) moved to recover the family's €2.8bn loans last year, it was Peter who urged Sean Quinn to start hiding the family's' foreign assets. As the bank closed in last April, preparing to oust the family from the business, Sean Quinn told Peter to proceed with his plan, which he pursued for the next year with the patriarch's full imprimatur.
According to Peter's own testimony, he hired a firm of Russian lawyers to come up with a scheme and a company in Dubai to help it along. It involved moving debt to other entities that would effectively serve as "fronts" for the Quinns, other unsecured assets would be sold for a token sum on the proviso that they would be bought back by the Quinn family later. Effectively, Peter's plan meant the family ceded control of their assets to strangers, with an agreement that they would either buy them back later or get a cut of whatever cash they had realised.
They took a risk, and according to the Quinns, it backfired.
Faced with Ms Justice Dunne's three week deadline to reverse the transfers of face jail, the family held a meeting to "assess their options". As Peter put it, the Russian law firm was "central" to implementing the plan to keep the bank from their properties and was now "central" to reversing it. The family agreed on a last-ditch dash to Russia to enlist its help in starting the asset reversal.
Having instigated the plan, it is interesting that it wasn't Peter who was dispatched to undo it, but Sean Jnr. Compared to Peter, he was a relative novice when it came to doing business in Russia or Ukraine -- his interest in the family business had largely been confined to Europe....
Jaw dropping stuff to be honest, if this article is accurate.
I smell a rat. According to the SBP today when the IBRC were reviewing SQ jr's recent expenditure they were surprised to find no mention of any outgoings related to his recent trip to Russia. Further investigations revealed that the bills were settled by a company that the Quinns were claiming was beyond their control. After this discover the company apparently informed the IBRC that it would be settling no more bills for the Quinns. If it was really owned and controlled by a third party why would it even bother to communicate with the IBRC. It would have no reason to. On the other hand if it is still really controlled by the Quinns, but they want to present a picture to the courts that it isn't, then that communication might make sense.