The former Anglo Irish Bank will request to conduct a trawl into the bank accounts of Sean Quinn Sr’s grandchildren in the continuing investigation into the Quinn family’s now defunct fortunes.
The Belfast Telegraph reports that the IBRC, formerly the Anglo Irish Bank, fears that the Quinn family may have created trusts in the names of their grandchildren in order to place €500 million worth of overseas properties beyond the reach of the bank.
Sean Quinn, native of Fermanagh, currently has two grandchildren through his daughter Ciara Quinn, who is also expecting another to be delivered this week.
On Tuesday, former Attorney General Paul Gallagher, for the IBRC, indicated to the High Court in Dublin that the bank will ask the Quinns to disclose if any trusts have been set up in the grandchildren's names and if any funds have been set aside from them.
This new matter of trust funds for the Quinn grandchildren coincides with the IBRC’s request for the High Court to appoint receivers for the worldwide assets of Sean Quinn Sr’s five children, including his jailed son Sean Quinn Jr.
The Belfast Telegraph goes on to report that it has emerged that Karen Woods, the new wife of Sean Quinn Sr’s only son Sean Jr, received more than €320,000 in salaries from Russian companies in the year leading up to their lavish wedding this past May.
It has emerged that Woods was one of eight members of the Quinn family and their partners to receive €2.8 million in purported salaries from three Russian companies after the Quinn Group was placed under the control of the former Anglo Irish Bank.
Woods reportedly received €320,927 in after-tax salaries from three Russian companies, to which the IBRC said in court papers that it was “not aware of any work done” by Woods to justify the salary.