Quinn nephew admits attempt to put family assets beyond bank's reach
Sean Quinn's nephew has denied that he acted illegally while a company director in the group, but admitted trying to put the family's business assets beyond the reach of the former Anglo Irish Bank.
Accountant Peter Daragh Quinn has described how a debt of more than €20m was transferred from Quinn company Demesne to an unknown Ukrainian man in exchange for $100.
Asked by IBRC's lawyers: "Why anyone would do that?" he replied: "To keep it away from the bank."
Questioned as to how that would benefit the Quinn family, he explained there was a 20% agreement in place - earlier described as a gentleman's agreement - that would kick in if the Ukrainian, a Mr Gurnyak, made any gains on the deal.
Peter Daragh Quinn has denied acting illegally while a company director, but has accepted his overriding objective was to get money away from Anglo and to the Quinn children.
He is giving evidence as part of contempt proceedings by IBRC against him, Sean Quinn and his son Sean Quinn Jnr, for allegedly breaching a court order from last summer preventing them from moving assets.
