Two grandchildren of Sean Quinn, Ireland’s billionaire gone broke, are due to have investigations into their bank accounts carried out.

The Irish Independent reports that millions were moved from both Irish and Northern Irish bank accounts into two of Quinn’s grandchildren’s accounts in 2011 after the Quinns learned that their fortunes and business empire were all but gone.

A deal was presented to the Quinn family in which each of the five Quinn grandchildren would be offered €100,000 in exchange for the family entering a no-compete clauses, preventing them from entering any of the businesses in which they had built their empire and for them not to issue any legal action against Anglo Irish Bank.

The Quinns, however, refused to accept the deal as they believed the reason they lost their fortunes was because of Anglo Irish Bank, while the Bank believed that the taxpayers were fairly owed €2.8bn by the family.

The Irish Independent writes that the Quinn family have told Farrell Grant Sparks (FGS) that they used the money placed in the two grandchildren's accounts to fund general expenses and corporate transactions. FGS is now examining all of these transactions and seeking explanations for each transaction.

Stephen Kelly, husband of Aoife Quinn, said on August 15 on The Vincent Browne Show that the family is now attempting to cooperate with IBRC. "We are not moving assets. There was an injunction granted by the High Court on June 27 and after that we ceased all actions.”

With bank account investigations looming, the Quinn family is due to receive approximately 20,000 documents to be assessed as part of their discovery order against Anglo Irish Bank, who they believed loaned them up to €2.3bn illegally.

The 20,000 documents are only a fraction of the 100,000 that the Quinn family is due to receive. The family has identified 25 people who they believe had knowledge within the bank of Sean Quinn Sr’s loans.

Former billionaire Sean QuinnGoogle Images