Quinn’s nephew admits family tried to put $130 million out of reach…

fascinating twist to a long running story… The nephew of Fermanagh former billionaire Sean Quinn, Peter Quinn entered the witness box yesterday:

The court has heard that a Quinn family company called Demesne Investments, with an address in Co Fermanagh, had contractual rights to debts of $175 million from companies in Russia and Ukraine that, in turn, owned valuable properties there.

However, earlier this year the debts were assigned onwards, for nominal value. IBRC is alleging the debts were assigned after High Court orders in June 2011 forbidding any such moves. However, the defendants say they took no such action after the High Court order.

Peter Quinn told Brian O’Moore SC, for the family, that debts of $130 million were assigned to Mr Gurnyak in April 2011 to “stop Anglo getting access” to the money.

He thought that putting the money beyond Anglo’s reach might force the bank to negotiate with the family and that “if Anglo couldn’t get its hands on the money, then sense would prevail”.