0:00:05 > 0:00:09Sean Quinn. He was island's richest man. Now, its biggest ever bankrupt.
0:00:09 > 0:00:17I don't think anybody has come across anything like this before.
0:00:17 > 0:00:21The scale is unprecedented. Bankrupt but not beaten. Clearly
0:00:22 > 0:00:29these people are desperate and desperate people do desperate
0:00:29 > 0:00:35things. Half a billion dollars at stake in a perilous game of hide-
0:00:35 > 0:00:41and-seek. There are police with a semi-automatic rifles and flak
0:00:41 > 0:00:44vests. As the hunt goes joke -- Global, I am joining in. I
0:00:44 > 0:00:49discovered an underworld of international finance, home to
0:00:49 > 0:00:59secret deals, hidden millions and forgery. A place where vast sums of
0:00:59 > 0:00:59
0:00:59 > 0:01:46Apology for the loss of subtitles for 47 seconds
0:01:46 > 0:01:52money can be stashed beyond the There are millions going out in the
0:01:52 > 0:01:56silent, millions that are hidden. More than �100 million of Sean
0:01:56 > 0:02:01Quinn's money disappeared in South America and I am in police to find
0:02:01 > 0:02:07out why. I have been halfway across the world, following Sean Quinn's
0:02:07 > 0:02:13hidden millions. A fortune he spent a lifetime building, a fortune he
0:02:13 > 0:02:17lost to a wildly ambitious bank and then snatched back from under their
0:02:17 > 0:02:22nose. He saw that as his family's inheritance and said he would not
0:02:22 > 0:02:26give up without a fight. That is exactly what the bank has got, to
0:02:26 > 0:02:31the four corners of the world. Quinn says he is a simple farmer's
0:02:31 > 0:02:37son and some of the things he did would point to a highly
0:02:37 > 0:02:47sophisticated businessman. Just how far will he go to keep the money?
0:02:47 > 0:02:55
0:02:55 > 0:03:03All the way to jail? Derrylin, County Fermanagh, home to the
0:03:03 > 0:03:07business empire built by a scratch by Sean Quinn. Born in the tiny
0:03:07 > 0:03:17parish of Teemore, he took the family farm and made a global
0:03:17 > 0:03:29
0:03:29 > 0:03:36empire that would make his own It was an empire built on sand.
0:03:36 > 0:03:45Doug from his family farm. Sand became cement, and massive business
0:03:45 > 0:03:53that made him millions. Next, a glass plant, the biggest in Ireland.
0:03:53 > 0:03:59Plastics, packaging, insulation, energy, all followed. Then there
0:03:59 > 0:04:09was Quinn Direct insurance. He kept climbing. An Irish man buying the
0:04:09 > 0:04:14
0:04:14 > 0:04:20In the the Fermanagh cavern borderlands, a place blighted for
0:04:20 > 0:04:27generators by poverty and unemployment, he provided jobs 2000.
0:04:27 > 0:04:31Sean Quinn made this improbable dream happen here in Derrylin.
0:04:31 > 0:04:35First of all there is a great deal of gratitude and affection for him
0:04:35 > 0:04:40because he build something magnificent from nothing and has
0:04:40 > 0:04:45given substantial and worthwhile employment to a couple of
0:04:45 > 0:04:50generations for 38 years. He has survived this region and made it a
0:04:50 > 0:05:00viable and vibrant community where as before it wasn't and without him
0:05:00 > 0:05:02
0:05:02 > 0:05:06it certainly wouldn't have been. Sean Quinn's fortune was entirely
0:05:06 > 0:05:09self-made. Leaving school at 15, he started at nothing. He wanted his
0:05:09 > 0:05:14own children to start with a billion each and achieve that at
0:05:14 > 0:05:24the height of his influence and power when the Quinn family was
0:05:24 > 0:05:28
0:05:28 > 0:05:34valued at $6 billion. He wanted more, much more. During the Celtic
0:05:34 > 0:05:38Tiger good times, everyone was enjoying the party. Sean Quinn and
0:05:38 > 0:05:44Ireland grew rich together. As his fortune grew, he turned to the
0:05:44 > 0:05:50stock market for bigger rewards. Quinn's eye fell upon island's
0:05:50 > 0:05:54fastest-growing financial institution, are Anglo Irish Bank.
0:05:54 > 0:05:58The bankers and Sean Quinn saw a lot of themselves in one another.
0:05:58 > 0:06:03They were entrepreneurial and to con risks and were aggressive. They
0:06:03 > 0:06:09had very low cost bases and were all very profitable during the good
0:06:09 > 0:06:12times. I think Sean Quinn saw a lot that he admired in Anglo Irish Bank
0:06:12 > 0:06:20and certainly, Anglo Irish Bank would have admired the fact that
0:06:21 > 0:06:27Sean Quinn was a major shareholder and investor in the bank. Really
0:06:27 > 0:06:30they were like kindred spirits almost. But theirs was a dangerous
0:06:30 > 0:06:34embrace. Anglo Irish Bank bankrolled Quinn but at the same
0:06:34 > 0:06:39time he secretly signed vast amounts of money into building
0:06:39 > 0:06:43control over their shares. Even by Celtic Tiger standards, his
0:06:43 > 0:06:49investment was an enormous risk. If share prices fell, he would lose
0:06:49 > 0:06:59everything and the Bank would lose its biggest investor, a slip by one
0:06:59 > 0:07:01
0:07:01 > 0:07:09would track down both. The critical moment came on 17th March, 2008. A
0:07:10 > 0:07:13date when island's back was turned. -- island's back was turned. The
0:07:13 > 0:07:16banks were closed and the Government was away and the
0:07:16 > 0:07:25carnival atmosphere hit a crisis that would bring the good times to
0:07:25 > 0:07:33an end. Stockmarkets across the world tumbled. It was the day the
0:07:33 > 0:07:40Celtic tiger died. For ever known as the St Patrick's Day massacre.
0:07:40 > 0:07:45IBRC's share price -- Anglo's share price plummeted and both it and
0:07:45 > 0:07:50Quinn were in serious jeopardy. The loss threatened to drag down the
0:07:50 > 0:07:54share price even further. The Bank frantically tried to keep him
0:07:54 > 0:07:59afloat. Contact was made with Anglo Irish Bank saying there was a major
0:07:59 > 0:08:08problem. The bank ended up providing more than 300 million in
0:08:08 > 0:08:12new loans to cover those losses. But the shares continued to fall.
0:08:13 > 0:08:17As he watched his disastrous investment nosedive, Quinn borrowed
0:08:17 > 0:08:27more and Anglo gave it to him. Desperation setting. The more they
0:08:27 > 0:08:38
0:08:38 > 0:08:43lent him, the more he lost. These are the only credit agreements that
0:08:43 > 0:08:47bought Sean Quinn down. It shows an astonishing amount of lending. It
0:08:47 > 0:08:54shows �42,000,000.10 day and this one is for a remarkable $1 billion
0:08:54 > 0:09:00in a single day. A tower block in Moscow and a shopping centre in
0:09:00 > 0:09:06Kiev among many others. A 500 million a property portfolio signed
0:09:06 > 0:09:12away to the bank as security. At the final tally Anglo had lent Sean
0:09:12 > 0:09:17Quinn more than 2 billion euro, 2.8 billion in fact. It was not their
0:09:17 > 0:09:26only bad loan but it was the single biggest. In early 2009, riddled
0:09:26 > 0:09:32with debt, Anglo simply ran out of money. I think Frank Carson once
0:09:32 > 0:09:36had a joke that I am so rich, last week I wrote a cheque and the bank
0:09:36 > 0:09:39bounced. What is happening here is that this is a unique set of
0:09:39 > 0:09:43circumstances in Irish corporate history and it was not just to
0:09:43 > 0:09:50check that was bouncing or the individual bills this person, it
0:09:51 > 0:09:56was the bank itself. Anglo Irish Bank was just a sort of big
0:09:56 > 0:10:00flashing neon sign it, get rich quick. That's what it was. They
0:10:00 > 0:10:03took chances that other banks wouldn't take and they cut corners
0:10:03 > 0:10:09and they moved fast. They started it. They started the phenomenon
0:10:09 > 0:10:14that led to the crash. There is no doubt about that. It was a culture
0:10:14 > 0:10:19of banking that was recklessness and not the cautious people you
0:10:19 > 0:10:25would expect to be handling finances. The Irish government
0:10:25 > 0:10:35stepped in. Anglo was nationalised. Over to the tax payer to clear up
0:10:35 > 0:10:47
0:10:47 > 0:10:55the mess -- mess. The party was Anglo was renamed as the Irish Bank
0:10:55 > 0:10:59Resolution Corporation or IBRC. Now the biggest debt collector in
0:10:59 > 0:11:04Ireland. This building would have been the headquarters of Anglo
0:11:04 > 0:11:09Irish Bank. Its scale is testament to their grand ambitions. But the
0:11:09 > 0:11:14bank itself is now a shell, owned by the Irish state, its sole
0:11:14 > 0:11:20purpose to recover money on behalf of Irish tax payers. And the tax
0:11:20 > 0:11:24payers expected Sean Quinn to pay up. At 2.8 billion euros
0:11:24 > 0:11:29outstanding to a bank owned by the state is a matter of serious
0:11:29 > 0:11:33concern to the taxpayer. I am not giving away any secrets when I say
0:11:33 > 0:11:36we don't expect to recover all of that but our job in the bank is to
0:11:36 > 0:11:41recover as much of it as we possibly can. A bank has been
0:11:41 > 0:11:45bailed out to the tunes of Italians -- tens of billions and the
0:11:45 > 0:11:50taxpayer would expect the bank up to aggressively pursue individuals
0:11:50 > 0:11:55to recover as much money as possible. In this case they would
0:11:55 > 0:12:00expect Anglo to recover as much property as they possibly could
0:12:00 > 0:12:04from the Quinn Group. Sean Quinn publicly promised to pay everything
0:12:04 > 0:12:09back. We do not want to know anything. We want to pay the tax
0:12:09 > 0:12:13payer at 100% of the money. 0 need to change his mind months later
0:12:13 > 0:12:17after he lost his insurance business, his main source for tax.
0:12:17 > 0:12:22-- ass. The family then said they would not pay the money and Sean
0:12:22 > 0:12:27Quinn was on borrowed time. The state had taken over the bank and
0:12:27 > 0:12:30now we moved to takeover the entire Quinn Group. Quinn was effectively
0:12:30 > 0:12:39nationalised. What once belonged to him, have now belonged to the Irish
0:12:40 > 0:12:45Once the richest man in Alun, Sean Quinn walked into a court in
0:12:45 > 0:12:49Belfast and filed for bankruptcy. But that banquet later bankrupt him
0:12:49 > 0:12:54in Dublin, where a tougher regime would finish his business career
0:12:54 > 0:13:02for good. A bitter Quinn said the bank had ruined his chances of
0:13:02 > 0:13:12recovering money for taxpayers. was destroyed. I have grandchildren
0:13:12 > 0:13:20now. What Anglo Irish Bank have done to the Quinn Group is like
0:13:20 > 0:13:25somebody taking a sledgehammer Tear churl's toys. It is wrecked. Sean
0:13:25 > 0:13:30Quinn looked crushed. His company gone. The fortune he had set aside
0:13:30 > 0:13:40for his children wrote to the state. He had been worth billions, now he
0:13:40 > 0:13:45
0:13:45 > 0:13:52said he had just �11,000 to his name. Somebody said, get his head
0:13:52 > 0:13:58on a spike or some kind of trophy. It appears to a lot of people that
0:13:58 > 0:14:06did does not make sense. Consequently, in the group, there
0:14:06 > 0:14:11is great concern. They do not like smart Alex in the City and he was a
0:14:11 > 0:14:21real -- and he ran to some real smart Alex, they were slicker as
0:14:21 > 0:14:25
0:14:25 > 0:14:30they come. And they proved his Quinn employees said their former
0:14:30 > 0:14:40boss was brought down by a vindictive bank. Many protested at
0:14:40 > 0:14:56
0:14:56 > 0:15:01the new management. We want him Others took it further, as intense
0:15:01 > 0:15:07local loyalty boiled over into violence. It was the manner of Sean
0:15:07 > 0:15:12Quinn's remove fault that was most resented. In terms of the takeover
0:15:13 > 0:15:18of the Quinn Group, the family allege subterfuge. He was invited
0:15:19 > 0:15:27to Dublin for a meeting while the troops moved in. Why this underhand
0:15:27 > 0:15:32manner? It was not subterfuge, it was a prudent arrangement to make
0:15:32 > 0:15:36sure that the bank could actually get hold of the security that was
0:15:36 > 0:15:42their for the loans. There was no vindictiveness at all. I have no
0:15:42 > 0:15:48personal animosity towards Mr Quinn or any member of his family. Simply
0:15:48 > 0:15:51cheering a bank that is concerned with recovering as much as it can
0:15:51 > 0:15:55in terms of this security it legally holes. The insurance
0:15:55 > 0:16:01business was sold. The manufacturing business burdened
0:16:01 > 0:16:06with massive debt, it was restructured. The only hope of
0:16:06 > 0:16:12payback for the taxpayers they in a vast portfolio of overseas property.
0:16:13 > 0:16:17Worth over half a billion. international property portfolio is
0:16:17 > 0:16:22the last area of contention between the Bank and the family and Sean
0:16:22 > 0:16:27Quinn made it clear to Anglo Irish that they would face a hard-fought
0:16:27 > 0:16:32battle over that international portfolio. The bank thought they
0:16:32 > 0:16:36had already won that battle, but it took control of the entire Quinn
0:16:36 > 0:16:42Group, but they were in for a surprise. -- when it took control.
0:16:42 > 0:16:48Last summer, a Bill unexpectedly arrived at Quinn Group headquarters,
0:16:48 > 0:16:56now in the hands of the bank's representatives. An invoice for
0:16:56 > 0:17:01companies in Stockholm. Few knew what it meant. The answer had been
0:17:01 > 0:17:05hidden on a hard drive on a Quinn Group computer. In it, a file
0:17:05 > 0:17:10marked strictly private and confidential. Accessible to just
0:17:10 > 0:17:16five senior staff. It sketched out a brand new Quinn corporate
0:17:16 > 0:17:26structure based on does new companies in Sweden. The Quinns had
0:17:26 > 0:17:32
0:17:32 > 0:17:42Stockholm. This city was the headquarters for the Quinn Group's
0:17:42 > 0:17:50
0:17:50 > 0:17:53Overseas Properties, now owned by The Quinn family owned property
0:17:53 > 0:17:58worth hundreds of millions of pounds, located all across the
0:17:58 > 0:18:01globe. But it was controlled from here, Stockholm in Sweden. That is
0:18:01 > 0:18:11why this city became a key battleground in their fight with
0:18:11 > 0:18:19
0:18:19 > 0:18:23There are more than 20 properties, in many corporate entities in many
0:18:23 > 0:18:27different countries, it is a very complex way that a family created
0:18:27 > 0:18:32and it does not meet a whole lot of sense when Sean Quinn says he is
0:18:32 > 0:18:36just a simple farmer's son. Certainly the corporate structure
0:18:36 > 0:18:42he established around his business interests would 0.2 highly
0:18:42 > 0:18:47sophisticated businessman. -- would point to a highly sophisticated
0:18:47 > 0:18:50businessman. Today there are mountains of legal papers all over
0:18:50 > 0:18:54the world detailing that battle between Quinn and the bank. Some of
0:18:54 > 0:18:58the most revealing ones are probably here in Sweden and I am
0:18:58 > 0:19:05off to the Appeal Court archive in the old town in Stockholm where I
0:19:06 > 0:19:11hope to find them. Sean Quinn had been removed from all his companies
0:19:11 > 0:19:18by the back, including those based in salute -- in Sweden. But in a
0:19:18 > 0:19:27secret boardroom coup, he had apparently got back charge. Here
0:19:27 > 0:19:32are the papers. Excellent. This is the whole case? Yes. The whole case.
0:19:32 > 0:19:39These papers show Sean Quinn is still in control of companies worth
0:19:39 > 0:19:42hundreds of millions. What is he up to? I found a vital piece of
0:19:42 > 0:19:46evidence, that may show Sean Quinn trying to get rid of the property.
0:19:46 > 0:19:56He is moving a fortune into that new network beyond the reach of the
0:19:56 > 0:20:02
0:20:02 > 0:20:04bank. Of the shareholders representatives... Here we have a
0:20:04 > 0:20:08document dated June 15th, 2011. Two months after the banks supposedly
0:20:08 > 0:20:12took control. But who is in charge of the property here in Sweden?
0:20:12 > 0:20:18None other than Sean Quinn himself. What is he doing at this meeting?
0:20:18 > 0:20:28It seems as if he is signing over control of the entire empire to his
0:20:28 > 0:20:29
0:20:29 > 0:20:33nephew, Peter. Peter Quinn, known as P D. Aged 35, he managed Quinn
0:20:34 > 0:20:41properties across Europe for his uncle. Now he was controlling the
0:20:41 > 0:20:47family's new word work -- new network. The family had signed away
0:20:47 > 0:20:50control of valuable companies, 11 in total. Potentially millions due
0:20:50 > 0:20:53to the state were now disappearing from its reach into this new
0:20:53 > 0:20:59network. Local contacts were listed on the documents that established
0:20:59 > 0:21:09the foundation here. I wanted to find out more, so I thought I would
0:21:09 > 0:21:17
0:21:17 > 0:21:25My name is Jim Fitzpatrick. I am from the BBC. I am in Stockholm at
0:21:25 > 0:21:31the moment. From that documentary point of view, your name comes up
0:21:31 > 0:21:41against some companies. We would like to clarify what your position
0:21:41 > 0:21:42
0:21:42 > 0:21:49or role within it was. Goodbye. None wanted to speak to us, even
0:21:49 > 0:21:54the registered agent said the new nothing about it. -- they knew.
0:21:54 > 0:21:58What we do know is that the foundation was set up for the Quinn
0:21:58 > 0:22:02grandchildren, so they were in line for those valuable property
0:22:02 > 0:22:12transfers made between Peter and Sean. It seems that a clear attempt
0:22:12 > 0:22:15to move millions be on the bank was made. -- beyond. So, why are the
0:22:15 > 0:22:20grandchildren the ultimate beneficiaries of the mysterious
0:22:20 > 0:22:23foundation? We have spoken to one Quinn associate who said the
0:22:24 > 0:22:28intention was to be to offer a new beginning for the Quinn family. But
0:22:28 > 0:22:36the bank, Banahan was a blatant attempt to put assets worth
0:22:36 > 0:22:41hundreds of millions of pounds forever beyond its reach. Sean
0:22:41 > 0:22:45Quinn and his children had legally pledged their entire empire to the
0:22:45 > 0:22:49publicly owned bank and to the state. Up a public had no such
0:22:49 > 0:22:59claim or anything owned by the grandchildren. The bank had
0:22:59 > 0:23:01
0:23:01 > 0:23:06witnessed a fortune taken from right under its nose. Was the Bank
0:23:06 > 0:23:12caught napping when they discovered there had been a plan to ship
0:23:12 > 0:23:17assets through Sweden? It has become clearer that there is a
0:23:17 > 0:23:22process, there has been a process underway to try to put assets
0:23:23 > 0:23:29beyond the reach of the bank. I regret that, it is a process which
0:23:29 > 0:23:34we oppose, we are pursuing that. We have made a certain amount of
0:23:34 > 0:23:39progress through the courts, I hope we can continue. There is a way for
0:23:40 > 0:23:46that process to come to an end and that would be that the Quinn family
0:23:46 > 0:23:51the first Bush processes. -- reversed those processes. Peter
0:23:51 > 0:23:55Quinn denies the move was to hide millions from the bank. But he has
0:23:55 > 0:24:01not explained by the property was being transferred into the network
0:24:01 > 0:24:07he controlled for the family. A significant stride forward had been
0:24:07 > 0:24:13taken by the family in moving control away from the bank. The
0:24:13 > 0:24:16Quinns were winning the war, but the fight Adderley just begun. I
0:24:16 > 0:24:20suppose what we have learned in Stockholm is the lengths to which
0:24:20 > 0:24:30the Quinn family would go in order to keep control of parts of that
0:24:30 > 0:24:36
0:24:36 > 0:24:42property empire. The bank says The episode in Sweden set alarm
0:24:42 > 0:24:51bells ringing in the bank. Sean Quinn, a simple farmer's son, had
0:24:51 > 0:24:54been one step ahead of them. Back in Dublin, the Bank rushed to get a
0:24:54 > 0:24:58worldwide court order. Its terms were simple, Sean Quinn and his
0:24:58 > 0:25:04family could not interfere in anyway with the overseas property.
0:25:04 > 0:25:09This was a serious escalation. Any further meddling by the Quinns
0:25:09 > 0:25:15could put them in jail. Once the court order has been made, any
0:25:15 > 0:25:19action in breach of that order to be content. It is not a mere
0:25:19 > 0:25:29technicality, it becomes central. For the bank, obtaining a court
0:25:29 > 0:25:32
0:25:33 > 0:25:38order was one thing. Enforcing it would be quite another. Kiev,
0:25:38 > 0:25:45capital of Ukraine. An emerging market, still shaking off a Soviet
0:25:45 > 0:25:50past. Sean Quinn invested millions here. The City, as staging posts in
0:25:50 > 0:25:57his move deep into eastern Europe. He promised a great fortune, which
0:25:57 > 0:26:02still lies in wait. -- it promised. Kiev is a funny kind of city, it is
0:26:02 > 0:26:08much bigger than you imagine it beforehand. This mixture of old and
0:26:08 > 0:26:11new, the old architecture, the new, swanky investments, and of some
0:26:11 > 0:26:20some pretty mad Communists staff. This part of the city is on the
0:26:20 > 0:26:25cusp. It has some of the new and plenty of the old as well. Irish
0:26:25 > 0:26:28taxpayers now owned this huge shopping malls. It generates almost
0:26:28 > 0:26:38$1 million a month in rent. But that is not going to the public
0:26:38 > 0:26:38
0:26:39 > 0:26:44coffers. I am here to find out why and to find out who is getting it.
0:26:44 > 0:26:53So, this is what $60 million of prime retail real estate in Kiev
0:26:53 > 0:26:57looks like. It is called the Univermag. A local landmark and
0:26:57 > 0:27:07Kiev's first shopping mall. My translator and I can only get so
0:27:07 > 0:27:18
0:27:18 > 0:27:25What is your problem? We are just taking some television shots. It is
0:27:25 > 0:27:32security of the Mall, OK. We are not in the Mall, though? So we are
0:27:32 > 0:27:35filming the more but we are not on the Mall, does that...? A Paris we
0:27:35 > 0:27:39are told we are not allowed to film here even though we are from the
0:27:39 > 0:27:47public street and we have not tried to get into the Mall. Hello. We are
0:27:47 > 0:27:54just taking some film. No... guards did not want us anywhere
0:27:54 > 0:27:58near the Mall. Frustrating for us, but worse for this man. He is
0:27:58 > 0:28:08supposed to run the place. The bank appointed him but even he cannot
0:28:08 > 0:28:12get in. Unfortunately when I came the first time, I went to the
0:28:12 > 0:28:20office on the third floor of this building and first all I found that
0:28:20 > 0:28:24the offices closed. It is closed, it is locked, despite some noises
0:28:24 > 0:28:31and some light that I saw outside. So there were people hiding inside?
0:28:31 > 0:28:36Yes, definitely. So these people who were running the Mall, you are
0:28:36 > 0:28:40the new boss but they were the ones in charge it seemed. Yes, they
0:28:40 > 0:28:46still pretend to be in charge. At the same time I called the police.
0:28:46 > 0:28:51The police came and by the way it was very interesting to see the
0:28:51 > 0:28:55police with machine guns and dozens of police are men. It is a building
0:28:55 > 0:29:00in the heart of Kiev. It was embarrassing for everybody there
0:29:00 > 0:29:04because the management office is next to the bowling alley and this
0:29:04 > 0:29:09was afternoon time when a birthday party for kids was taking place and
0:29:09 > 0:29:13mothers saw people with flak vests and helmets and machine guns come
0:29:13 > 0:29:17in and they were shocked. This is bad for business overall the
0:29:17 > 0:29:26weather is in charge of the place. The police refused to help the bank
0:29:26 > 0:29:30take charge amounts on this man is still locked out. And who is
0:29:30 > 0:29:40keeping him and the Irish Bank out? A female employee of the more has
0:29:40 > 0:29:50
0:29:50 > 0:29:55taken legal action to block him. I I think this is the building we are
0:29:55 > 0:30:01looking for. The woman inside was standing beside -- between the
0:30:01 > 0:30:05Irish taxpayer and $1 million a month in rent. Now, this is her
0:30:05 > 0:30:15home address in a normal residential area of Kiev and we are
0:30:15 > 0:30:24
0:30:24 > 0:30:27going to ring the bell and see if she will talk to us. SHE SPEAKS
0:30:27 > 0:30:32RUSSIAN They said she was out and she has been avoiding our calls
0:30:32 > 0:30:35ever since. It seems unlikely she single-handedly masterminding an
0:30:35 > 0:30:44attempt to take over the more but they have succeeded in leading the
0:30:44 > 0:30:49bank into the quagmire of the Ukrainian court system. They call
0:30:49 > 0:30:53Ukraine the Wild East, the rule of law can be haphazard at best. The
0:30:53 > 0:30:58Irish Bank has discovered why. Every attempt to persuade courts in
0:30:58 > 0:31:06Kiev of their rightful claims to the mall has been deposed and
0:31:06 > 0:31:10obstructed. It is a notoriously gyp corrupt judicial and court system
0:31:11 > 0:31:17and it is being used to further the aims of whoever is behind it. That
0:31:17 > 0:31:23is to keep this shopping centre out of the reach of the Bank, fire
0:31:23 > 0:31:28stalling tactics and delaying tactics. There is an opportunity to
0:31:28 > 0:31:34open up cases in a court system that is amenable to taking bribes
0:31:34 > 0:31:37to make decisions against your firm and so that is a big issue. For our
0:31:38 > 0:31:43companies and our member companies we do our best to try and stay out
0:31:43 > 0:31:46of the Ukrainian court system when and if up at all possible. When the
0:31:46 > 0:31:52Irish government complained last year, Ukraine ordered an
0:31:52 > 0:31:58investigation into the court's handling of cases linked to the
0:31:58 > 0:32:04Mall. Money is still pouring into the tales inside. It is not going
0:32:04 > 0:32:08to the Irish taxpayer. I need to find out who is getting it. We
0:32:08 > 0:32:16never got to see the more employee who is blocking the bank but we did
0:32:17 > 0:32:22discover the identity of her boss. Maybe she could tell us more. This
0:32:22 > 0:32:27is the woman we are trying to speak to. Unfortunately she does not want
0:32:27 > 0:32:32to speak to us. She is currently running the mourner at the moment.
0:32:33 > 0:32:36She is the more's Rosenior executive, shown here at an
0:32:36 > 0:32:41international function. The banks sacked her but she remains in
0:32:41 > 0:32:47charge. She must know where the money goes but she is also behind
0:32:47 > 0:32:52closed doors. She was hired by the Quins. Then they doubled her salary.
0:32:52 > 0:32:57During the takeover by the bank. The question is, if she still
0:32:57 > 0:33:00working for them? I have tracked down the man he used to run the
0:33:00 > 0:33:07Ukraine operation for the family. Following a disagreement three
0:33:07 > 0:33:13years ago he was replaced by this woman. He answered directly to Sean
0:33:13 > 0:33:19Quinn's nephew Peter. I was the contact person for major decisions.
0:33:19 > 0:33:28The approval of rents and leases. These kind of things. A at the time
0:33:28 > 0:33:34when you were working within the group, the chief accountant was a
0:33:34 > 0:33:38woman, do you know her? Are she is quite knowledgeable and industrious.
0:33:38 > 0:33:42She is concentrating on what she's doing and I think she was
0:33:42 > 0:33:46performing well and she was promoted to the permission --
0:33:46 > 0:33:52position of director. So she would have a lot of loyalty to the group
0:33:52 > 0:33:57because she was promoted into that position. Well, I would say she was
0:33:57 > 0:34:03loyal and looks like she still is. We have asked her about her role
0:34:03 > 0:34:10but she has not answered any of our written questions. If Quinn family
0:34:10 > 0:34:17deny she is working for them. Last August, she took part in a meeting
0:34:17 > 0:34:21at this Kiev office building. She met the two visitors from Ireland.
0:34:21 > 0:34:28Peter Quinn and his cousin Sean Quinn junior. On the same day a
0:34:28 > 0:34:34Quinn company ordered a major deposit for her personal account.
0:34:34 > 0:34:38Half-a-million dollars. Apparently signed over by Peter Quinn. Peter
0:34:38 > 0:34:48Quinn says he didn't approve the payments but he cannot explain why
0:34:48 > 0:34:48
0:34:48 > 0:34:52his signature is there. Sean Quinn Jnr denies any role in the payment
0:34:52 > 0:34:56which was later blocked and is being investigated by Ukrainian
0:34:56 > 0:35:03police. The banks say it is a bright and that is because soon
0:35:03 > 0:35:08after that meeting, she delivered a knockout blow. She agreed to pay a
0:35:08 > 0:35:13multi-million-pound debt that would strip the more of all it was worth.
0:35:13 > 0:35:18How do you Robber Bank? You can go in with a gun or, as the bank in
0:35:19 > 0:35:23this case alleges, you can go to court. Here a couple of days before
0:35:23 > 0:35:28Christmas the Kiev national court handed a �28 million debt to an
0:35:28 > 0:35:32offshore company called Lyndhurst. In so doing -- in so doing they
0:35:32 > 0:35:37gave them complete control over the Mall. The more should belong to the
0:35:37 > 0:35:42Irish public but suddenly it is in hock to a mysterious company in the
0:35:42 > 0:35:47British Virgin Islands for millions of pounds. This offshore company
0:35:47 > 0:35:52claims the more owns it a massive debt, but for what? The demand
0:35:52 > 0:35:55appears to have come from nowhere. You read the press reports of what
0:35:55 > 0:36:02was happening in the court and you saw these amounts materialise and
0:36:02 > 0:36:11what was your reaction? Well, I think my reaction is similar to
0:36:11 > 0:36:15many others. The purpose is evident. So only doubt was, it is evident to
0:36:15 > 0:36:22you but what is the purpose of Bayern been stupid? The purpose is
0:36:22 > 0:36:27to keep the property and to get ownership on it, in my
0:36:27 > 0:36:31understanding. Despite the Bank's protests, the Ukrainian courts are
0:36:31 > 0:36:38allowed when Lyndhurst to take control, a company that appeared
0:36:38 > 0:36:42from nowhere. Vladimir was the man in charge of the entire Quinn
0:36:42 > 0:36:45operation in the Ukraine. You would like to think that if there were
0:36:45 > 0:36:50multi-million-dollar loans from the Quinn a corporation to other
0:36:50 > 0:36:53companies that he would have known about it, and yet he says he knew
0:36:53 > 0:37:03nothing. Surely if someone was going to know, it would have been
0:37:03 > 0:37:03
0:37:03 > 0:37:08him. Now, after months of silence, Lyndhurst's reported owner has
0:37:08 > 0:37:18turned up in Kiev. He claims there is no mystery. He says the Mall was
0:37:18 > 0:37:21
0:37:21 > 0:37:30simply put up for sale. The price was $50 million, cash. The seller
0:37:30 > 0:37:34was Peter Quinn. He denies this. The Quinn family say that locals
0:37:34 > 0:37:44did it and they are not involved. The Bank believes that the Quinn
0:37:44 > 0:37:48
0:37:48 > 0:37:55family orchestrated the move of the more from its control. The pattern
0:37:55 > 0:38:05set in Kiev has been repeated in other parts of the former Quinn
0:38:05 > 0:38:06
0:38:06 > 0:38:11empire. Sudden attempt to snatch property away from the bank.
0:38:11 > 0:38:21Attempts by faceless companies with one thing in common, they appear to
0:38:21 > 0:38:28
0:38:28 > 0:38:38know the Quinn empire inside out. Russia. Where the bank expected its
0:38:38 > 0:38:38
0:38:38 > 0:38:44biggest pay back. Thanks mainly to this office block in Moscow. It is
0:38:44 > 0:38:50nearly $200 million of prime real estate. Prestige tenants like a
0:38:50 > 0:38:55Coca Cola guarantee nearly $20 million a year in rent. Part of the
0:38:56 > 0:39:01Bank's inheritance from Quinn's East and inheritance -- expansion.
0:39:01 > 0:39:08Even as late as 2009, with his business under intolerable pressure,
0:39:08 > 0:39:15Sean Quinn was still expanding, he at the opening of a business park.
0:39:15 > 0:39:24We are involved in seven locations in Russia in total. Dozens of
0:39:24 > 0:39:28properties here promise to millions to the Irish taxpayer. But last
0:39:28 > 0:39:33year the Russian properties were hit with the same style of take
0:39:33 > 0:39:36over that was happening in Kiev. They were hit with claims for
0:39:36 > 0:39:46hundreds of millions of pounds from a host of offshore companies,
0:39:46 > 0:39:50demanding a pay up or shut down. The bank was effectively losing
0:39:50 > 0:39:58control. A fortune was on the move, away from the bank. The question
0:39:58 > 0:40:08was, where would it wind up? One company laid claim to more than any
0:40:08 > 0:40:08
0:40:08 > 0:40:13other. Over �100 million of the Bank's money. It is based six-and-
0:40:13 > 0:40:23a-half 1,000 miles away in Central America. It is an excellent place
0:40:23 > 0:40:34
0:40:34 > 0:40:43Good morning and welcome to beautiful Belize. The only English-
0:40:43 > 0:40:48speaking country in Central America. The population is presently 330,000.
0:40:48 > 0:40:54Belize, Central America. Despite the poverty, this country plays
0:40:54 > 0:41:01host to a lucrative offshore financial industry. The companies
0:41:01 > 0:41:11that are based here are collectively worth billions. Not
0:41:11 > 0:41:12
0:41:12 > 0:41:17that the locals see much of it. is not good. The economy is really,
0:41:17 > 0:41:23really bad. The poverty is really overwhelming. I know you will
0:41:23 > 0:41:29notice that, right? Right. You cannot help noticing Cup. He can't
0:41:29 > 0:41:35help. In high finance offshore areas are a established feature of
0:41:35 > 0:41:44the modern world. Good luck and thanks for talking to me. OK. So,
0:41:44 > 0:41:47you got to face book made. OK! I have come to believe because this
0:41:47 > 0:41:52is where the biggest slice of the former Quinn property empire that
0:41:52 > 0:41:59should be owned by the Irish taxpayer has turned up. I'm looking
0:41:59 > 0:42:07for the company claiming that it now owns that valuable Moscow tower
0:42:07 > 0:42:17block. We hadn't much to go on other than its name and an address.
0:42:17 > 0:42:19
0:42:19 > 0:42:25We are looking for somewhere that is a post office box. It is a post
0:42:25 > 0:42:35office box address, would that be near here? Pose of his box. Does it
0:42:35 > 0:42:35
0:42:35 > 0:42:40ring any bells? No, the Post Office is over the bridge, I think.
0:42:40 > 0:42:44company is based here, it is claiming Russian property but it is
0:42:44 > 0:42:48Irish taxpayers who are losing out to the tune of $100 million. The
0:42:48 > 0:42:56company is supposed to be here summer, but offshore in places like
0:42:56 > 0:43:01Belize, everything is a little elusive. In the of sure, there is
0:43:01 > 0:43:06an ability to keep the true ownership of the company
0:43:06 > 0:43:16confidential. -- offshore. The true ownership of the company can be
0:43:16 > 0:43:17
0:43:17 > 0:43:22withheld or hidden. Finally, I found it. The lucrative office
0:43:22 > 0:43:28block in Moscow is controlled by a company based here. It is worth
0:43:28 > 0:43:38more than $100 million on paper. You would expect the headquarters
0:43:38 > 0:43:44
0:43:44 > 0:43:54to be quite plush. OK. Box office number 1906. It should be somewhere
0:43:54 > 0:44:08
0:44:08 > 0:44:15here. 1916. 1962. 1906. This is it, this is the number. This is the
0:44:15 > 0:44:22registered office, if you like, of the company which owns $100 million
0:44:22 > 0:44:28of assets in Moscow. This is it. Irish taxpayers' money effectively
0:44:28 > 0:44:38locked up in a dusty post office box in Belize. Controlled by an
0:44:38 > 0:44:39
0:44:39 > 0:44:43offshore company created just last year, its ownership a secret. How
0:44:43 > 0:44:53this conjuring trick is performed is a mystery. But the bank has its
0:44:53 > 0:44:55
0:44:55 > 0:44:59suspicions about who is behind it. The Quinns. The thing about the
0:44:59 > 0:45:03offshore world is that basic company information like the owners,
0:45:03 > 0:45:08directors, financial records, are almost impossible to get hold of.
0:45:08 > 0:45:12That is the point. If you want to keep your secrets, you start by
0:45:12 > 0:45:18moving your business offshore. Defined as a more on this, I went
0:45:18 > 0:45:23to see the man who created that offshore world year in Belize. --
0:45:23 > 0:45:28to find out some more. Clem got free is a former Attorney General
0:45:28 > 0:45:33of Belize. He was instrumental in establishing Belize as an offshore
0:45:33 > 0:45:39haven for international companies. -- Glenn got free. He knows how to
0:45:39 > 0:45:44crack open those secrets. How could I find out if I wanted to know who
0:45:44 > 0:45:50owns a company in Belize? international business which is
0:45:50 > 0:45:56offshore, you have to go to the court. You have to show that there
0:45:56 > 0:46:00are some fraud being committed, the company being misused. A lot of the
0:46:00 > 0:46:05information is not available, it is up to the court to get the
0:46:05 > 0:46:12information. So that is where I am going. And where the bank has
0:46:12 > 0:46:16already been in its pursuit of the money. The bank had one shot at
0:46:16 > 0:46:22breaking through the secrecy. Take the company to court and prove that
0:46:22 > 0:46:32the takeover of Quinn property was illegal. And that is what they did.
0:46:32 > 0:46:42
0:46:42 > 0:46:47The suspicion was that the company It is here indisputable court room
0:46:47 > 0:46:52with the colonial symbols very much in place that this Irish battle
0:46:52 > 0:46:58took place between the state-owned bank and the company it suspects is
0:46:58 > 0:47:02controlled by the man who used to be its richest citizen. The court
0:47:02 > 0:47:06ordered the company's owner to reveal his identity. He said he was
0:47:06 > 0:47:11a restructuring expert. The banks said he was an unemployed railway
0:47:11 > 0:47:15worker in Moscow. They thought he had been put up by the Quinn is mac
0:47:15 > 0:47:22to hide their involvement. They had unquestioned on a video link. He
0:47:22 > 0:47:26did not have many answers. What I know is that they started the
0:47:26 > 0:47:31interview and it became obvious there was somebody else and the
0:47:32 > 0:47:38them coaching the witness. The judge said, get out of the room,
0:47:38 > 0:47:44you are not supposed to be here. At that point, the person seemed to
0:47:44 > 0:47:50have left the room, then a couple of questions after that, the
0:47:50 > 0:47:53transmission went dead. Before his abrupt departure, the man claiming
0:47:53 > 0:47:59to own the company was very specific about when the property
0:47:59 > 0:48:07rights were handed over. He said it was on April 4th last year. There
0:48:07 > 0:48:12was one problem. On April 4th, that company did not exist. This is
0:48:12 > 0:48:18testimony from a lawyer who set up the company. He says it was
0:48:18 > 0:48:22effectively an empty shell. No owners, the shareholders, no funds,
0:48:23 > 0:48:28nothing, until it was purchased in July. That is three months after it
0:48:28 > 0:48:34supposedly took hold of the Quinn properties. How could Sean Quinn
0:48:34 > 0:48:38signed a transfer to a company that did not exist? It had only been
0:48:38 > 0:48:43established as a working company after Sean Quinn had been expelled
0:48:43 > 0:48:47from his business. The deal was a fake. Forged to make it look like
0:48:48 > 0:48:55Sean Quinn was still in charge and before the court order that would
0:48:55 > 0:49:05have made it illegal. The question is, did the Quinns perpetrate this
0:49:05 > 0:49:08fraud, or someone else masquerading as them? Sean and Peter Quinn
0:49:08 > 0:49:12insisted they only signed a deal with the man from Moscow directly,
0:49:12 > 0:49:17not his company. They say the documents showing that they gave
0:49:17 > 0:49:22money to the company that did not exist must have been faked by
0:49:22 > 0:49:29someone else. But the court here has turned up another crucial bit
0:49:29 > 0:49:37of evidence. The company claiming that Quins' Russian property was
0:49:37 > 0:49:42set up by Peter Quinn. I have discovered that it is just one of
0:49:42 > 0:49:47half-a-dozen offshore companies now laying claim to buy property in
0:49:47 > 0:49:54Russia, all sharing the same set of directors, or purchased on the same
0:49:54 > 0:49:59day and all bought by Peter Quinn. -- all purchased. The Bank believes
0:49:59 > 0:50:08he did this for the Quinn family to take assets worth millions from the
0:50:08 > 0:50:12taxpayer. Peter Quinn says there was no master plan. Yet, he now
0:50:12 > 0:50:16admits that he and his uncle had signed away millions were per
0:50:16 > 0:50:19property to a host of company hoping to recover it at a later
0:50:19 > 0:50:29date. But he says he did this before the bank took charge and
0:50:29 > 0:50:31
0:50:31 > 0:50:38denies he broke the law. Clearly, these people are desperate. The
0:50:38 > 0:50:44network just vanished, people do desperate things. The family say
0:50:44 > 0:50:48they were acting within the law, but the bank say far from it. By
0:50:48 > 0:50:54the time the money and was moving to Belize, the family had no right
0:50:54 > 0:50:59to it. Their charge against Sean Quinn is very serious. And this is
0:50:59 > 0:51:03it. He was a bogus director using fake documents to take assets that
0:51:03 > 0:51:08belonged to the Irish taxpayer beyond their control. No wonder the
0:51:08 > 0:51:13back tickets are seriously, no wonder they are prepared to see him
0:51:13 > 0:51:17in jail. -- the bank took it. Courts in almost a dozen countries
0:51:17 > 0:51:22having tied up with a hunt for Sean Quinn's missing millions. They have
0:51:22 > 0:51:26heard how the Bank believe that even as far away as Belize, the
0:51:26 > 0:51:36farmer's son from County Fermanagh remains in control. The banks say
0:51:36 > 0:51:52
0:51:52 > 0:51:57he is Master and Commander of a At Dublin court must now it
0:51:57 > 0:52:01determine Sean Quinn's fate along with his son and his nephew, they
0:52:01 > 0:52:06are accused of breaking that court order to leave the property well
0:52:06 > 0:52:12alone. The charge is contempt of court, possible penalty, if guilty,
0:52:12 > 0:52:22his prison. Peter Quinn has faced the most intense questioning in
0:52:22 > 0:52:23
0:52:23 > 0:52:27court. We had questions for him as well. Peter Quinn, BBC Spotlight.
0:52:28 > 0:52:33Can I ask you, are you worried about the prospect of going to jail
0:52:33 > 0:52:37over this? It is pending at the moment, it is not appropriate...
0:52:37 > 0:52:47What do you think about the taxpayers to stand to lose hundreds
0:52:47 > 0:52:51of millions? -- who stand. Peter Quinn has admitted he wanted to
0:52:51 > 0:52:59move as much property as possible away from the back for the family.
0:52:59 > 0:53:05But like his uncle, he denies he broke the law in doing so. Mr Quinn,
0:53:05 > 0:53:15BBC Spotlight. How have you got on today? Is your family hiding its
0:53:15 > 0:53:19
0:53:19 > 0:53:29millions? Oh, billions. The banks say you are. They Quinn's -- the
0:53:29 > 0:53:34
0:53:34 > 0:53:39Quinns said legal advice prevented them from asked -- answering any
0:53:39 > 0:53:46further questions. They deny the charge are you comfortable with the
0:53:46 > 0:53:51prospect of Sean Quinn going to jail? I regret the fact that there
0:53:51 > 0:54:01was so much litigation about that case. But we have no option but to
0:54:01 > 0:54:03
0:54:04 > 0:54:08proceed. What had been so next? there any happy ending? That would
0:54:08 > 0:54:12be that the people through tried to put assets beyond our reach reverse
0:54:12 > 0:54:22that process. It is a pity it has come to this but the by and has no
0:54:22 > 0:54:24
0:54:24 > 0:54:34option but to proceed. There will be no happy ending to this. No
0:54:34 > 0:54:37happy ending for the other people. But you can be sure that they will
0:54:37 > 0:54:41not be going to soup kitchens. They will live in some comfort and spend
0:54:41 > 0:54:46the rest of the day's grieving about why they are not a more
0:54:46 > 0:54:50gilded surroundings. Perhaps it did not have to come to this. The
0:54:50 > 0:54:54Quinns have a court -- court case of their own, alleging they do not
0:54:54 > 0:55:00owe the money claimed. That is because they say the Daily ins they
0:55:00 > 0:55:07borrowed were illegally lent by at bank trying to save its own skin.
0:55:07 > 0:55:11-- the billions. While it is accepted that Anglo bank did loan
0:55:11 > 0:55:18almost 3 billion to the Quinn family, the Quinn family have in
0:55:18 > 0:55:22essence alleged that they did so to prevent Sean Quinn unengaging in a
0:55:22 > 0:55:26fire sale of his shareholding. That would have led to further downward
0:55:26 > 0:55:31pressure on the Anglo share price. The Quinn family are arguing the
0:55:31 > 0:55:34bag was engaging in an illegal share support scheme. It goes to
0:55:34 > 0:55:38the heart of the matter as to whether the ban was trying to
0:55:39 > 0:55:43protect itself or to protect Sean Quinn. I would say it is one and
0:55:43 > 0:55:47the same. If Sean Quinn went, the bank would have got. In the first
0:55:47 > 0:55:52instance, the bank was trying to protect Sean Quinn. I think Sean
0:55:52 > 0:56:00Quinn was trying to protect himself by approaching the bang regularly
0:56:00 > 0:56:04to get loans to cover his losses. What if the Quins are right and the
0:56:04 > 0:56:12loans were illegal and unenforceable? We dispute that, of
0:56:13 > 0:56:18course. But they still have a case they hope to have heard. I do not
0:56:18 > 0:56:25contemplate their winning that case. Clearly, we have a different view
0:56:25 > 0:56:29of that. Tonight, Sean Quinn's freedom is in the hands of a judge.
0:56:29 > 0:56:35A judge to excuse the Quinns from court last week for Sean junior's
0:56:35 > 0:56:39winning. Peter, his best man. Temporary respite from the case and
0:56:39 > 0:56:45judgment that awaits them. It has been a staggering four for the
0:56:45 > 0:56:51billionaire. The bankruptcy case of Sean Quinn was the largest
0:56:51 > 0:56:59bankruptcy across Ireland and England. The scale is just
0:56:59 > 0:57:05unprecedented. Sean Quinn, perhaps the personification of Ireland's
0:57:05 > 0:57:10boom-and-bust. I think it is the best story to describe what
0:57:10 > 0:57:14happened in this country, the story of Sean Quinn and I -- Anglo Irish
0:57:14 > 0:57:17Bank. The most successful bank and the
0:57:17 > 0:57:26most successful private company family business in this country.
0:57:26 > 0:57:35have seen both go from rags to riches to rags again. The bank and
0:57:35 > 0:57:38the bankrupt billionaire are not finished with each other yet. We
0:57:38 > 0:57:43followed the money across the globe and it is clear that the Quinn
0:57:43 > 0:57:48family faces years of grinding legal action against the bank and
0:57:48 > 0:57:51essentially, the entire Irish state. So far, all the courtrooms in the
0:57:51 > 0:58:00world have not been able to secure the money that the Quins helped
0:58:00 > 0:58:10snatch away. Stockholm, Kiev, Moscow and Belize. The bank's'
0:58:10 > 0:58:11
0:58:11 > 0:58:15investigators have moved on again. To date, the bank has lost control
0:58:15 > 0:58:19of around half a billion, most of that has washed up in offshore
0:58:19 > 0:58:22companies around the world. Added fears that it may lose that money
0:58:23 > 0:58:28entirely into a Quinn family bank account. What further chances of
0:58:28 > 0:58:32that happening? Considered this. On the very same day that he set up