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Informants told IBRC that Quinns have over €500 million hidden away

The Quinn family had disclosed assets of €1 million, but informants have told IBRC it is far beyond that.

Image: Sam Boal/Photocall Ireland

TWO INFORMANTS HAVE told the former Anglo-Irish Bank that the Quinn family has hidden assets of around €500 million.

The High Court was today told that the Irish Bank Resolution Corporation (IBRC) have been the family’s assets are far in excess of the €1 million declared last year.

Kieran Wallace of KPMG, one of two liquidators to the bank, told the court by way of affidavit that the unnamed informants had come to a deal that would see them given three per cent of everything retrieved.

He added that he believes the informants are in danger.

“I believed, and continue to believe, that the informants and their source were at substantial personal risk. As described in more detail in my English affidavit, those concerns relate to the numerous reported attacks on the former Quinn Group and employees of the Quinn Group.”

The Quinn investments were related to a number of bank accounts and an investment in gold.

According to the affidavit:

“The informants claimed that the personal defendants have very substantial assets which, they claimed, had not been disclosed in the course of these proceedings. Information was provided in relation to bank accounts and an alleged investment in gold.”

Wallace told the court that gagging orders sought earlier this year in London and Delaware have now been lifted, which is why the court was being informed today.

The bank outlined a chain of emails including an address “quinn.assets@irelandmail.com” that was used to communicate with business figures around the globe.

High Court judge Peter Kelly said that he would note the developments.

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