Sean Quinn's Missing Millions Spotlight

Sean Quinn. He was island's richest man. Now, its biggest ever bankrupt.

I don't think anybody has come across anything like this before.

The scale is unprecedented. Bankrupt but not beaten. Clearly

these people are desperate and desperate people do desperate

things. Half a billion dollars at stake in a perilous game of hide-

and-seek. There are police with a semi-automatic rifles and flak

vests. As the hunt goes joke -- Global, I am joining in. I

discovered an underworld of international finance, home to

secret deals, hidden millions and forgery. A place where vast sums of

Apology for the loss of subtitles for 47 seconds

money can be stashed beyond the There are millions going out in the

silent, millions that are hidden. More than �100 million of Sean

Quinn's money disappeared in South America and I am in police to find

out why. I have been halfway across the world, following Sean Quinn's

hidden millions. A fortune he spent a lifetime building, a fortune he

lost to a wildly ambitious bank and then snatched back from under their

nose. He saw that as his family's inheritance and said he would not

give up without a fight. That is exactly what the bank has got, to

the four corners of the world. Quinn says he is a simple farmer's

son and some of the things he did would point to a highly

sophisticated businessman. Just how far will he go to keep the money?

All the way to jail? Derrylin, County Fermanagh, home to the

business empire built by a scratch by Sean Quinn. Born in the tiny

parish of Teemore, he took the family farm and made a global

empire that would make his own It was an empire built on sand.

Doug from his family farm. Sand became cement, and massive business

that made him millions. Next, a glass plant, the biggest in Ireland.

Plastics, packaging, insulation, energy, all followed. Then there

was Quinn Direct insurance. He kept climbing. An Irish man buying the

In the the Fermanagh cavern borderlands, a place blighted for

generators by poverty and unemployment, he provided jobs 2000.

Sean Quinn made this improbable dream happen here in Derrylin.

First of all there is a great deal of gratitude and affection for him

because he build something magnificent from nothing and has

given substantial and worthwhile employment to a couple of

generations for 38 years. He has survived this region and made it a

viable and vibrant community where as before it wasn't and without him

it certainly wouldn't have been. Sean Quinn's fortune was entirely

self-made. Leaving school at 15, he started at nothing. He wanted his

own children to start with a billion each and achieve that at

the height of his influence and power when the Quinn family was

valued at $6 billion. He wanted more, much more. During the Celtic

Tiger good times, everyone was enjoying the party. Sean Quinn and

Ireland grew rich together. As his fortune grew, he turned to the

stock market for bigger rewards. Quinn's eye fell upon island's

fastest-growing financial institution, are Anglo Irish Bank.

The bankers and Sean Quinn saw a lot of themselves in one another.

They were entrepreneurial and to con risks and were aggressive. They

had very low cost bases and were all very profitable during the good

times. I think Sean Quinn saw a lot that he admired in Anglo Irish Bank

and certainly, Anglo Irish Bank would have admired the fact that

Sean Quinn was a major shareholder and investor in the bank. Really

they were like kindred spirits almost. But theirs was a dangerous

embrace. Anglo Irish Bank bankrolled Quinn but at the same

time he secretly signed vast amounts of money into building

control over their shares. Even by Celtic Tiger standards, his

investment was an enormous risk. If share prices fell, he would lose

everything and the Bank would lose its biggest investor, a slip by one

would track down both. The critical moment came on 17th March, 2008. A

date when island's back was turned. -- island's back was turned. The

banks were closed and the Government was away and the

carnival atmosphere hit a crisis that would bring the good times to

an end. Stockmarkets across the world tumbled. It was the day the

Celtic tiger died. For ever known as the St Patrick's Day massacre.

IBRC's share price -- Anglo's share price plummeted and both it and

Quinn were in serious jeopardy. The loss threatened to drag down the

share price even further. The Bank frantically tried to keep him

afloat. Contact was made with Anglo Irish Bank saying there was a major

problem. The bank ended up providing more than 300 million in

new loans to cover those losses. But the shares continued to fall.

As he watched his disastrous investment nosedive, Quinn borrowed

more and Anglo gave it to him. Desperation setting. The more they

lent him, the more he lost. These are the only credit agreements that

bought Sean Quinn down. It shows an astonishing amount of lending. It

shows �42,000,000.10 day and this one is for a remarkable $1 billion

in a single day. A tower block in Moscow and a shopping centre in

Kiev among many others. A 500 million a property portfolio signed

away to the bank as security. At the final tally Anglo had lent Sean

Quinn more than 2 billion euro, 2.8 billion in fact. It was not their

only bad loan but it was the single biggest. In early 2009, riddled

with debt, Anglo simply ran out of money. I think Frank Carson once

had a joke that I am so rich, last week I wrote a cheque and the bank

bounced. What is happening here is that this is a unique set of

circumstances in Irish corporate history and it was not just to

check that was bouncing or the individual bills this person, it

was the bank itself. Anglo Irish Bank was just a sort of big

flashing neon sign it, get rich quick. That's what it was. They

took chances that other banks wouldn't take and they cut corners

and they moved fast. They started it. They started the phenomenon

that led to the crash. There is no doubt about that. It was a culture

of banking that was recklessness and not the cautious people you

would expect to be handling finances. The Irish government

stepped in. Anglo was nationalised. Over to the tax payer to clear up

the mess -- mess. The party was Anglo was renamed as the Irish Bank

Resolution Corporation or IBRC. Now the biggest debt collector in

Ireland. This building would have been the headquarters of Anglo

Irish Bank. Its scale is testament to their grand ambitions. But the

bank itself is now a shell, owned by the Irish state, its sole

purpose to recover money on behalf of Irish tax payers. And the tax

payers expected Sean Quinn to pay up. At 2.8 billion euros

outstanding to a bank owned by the state is a matter of serious

concern to the taxpayer. I am not giving away any secrets when I say

we don't expect to recover all of that but our job in the bank is to

recover as much of it as we possibly can. A bank has been

bailed out to the tunes of Italians -- tens of billions and the

taxpayer would expect the bank up to aggressively pursue individuals

to recover as much money as possible. In this case they would

expect Anglo to recover as much property as they possibly could

from the Quinn Group. Sean Quinn publicly promised to pay everything

back. We do not want to know anything. We want to pay the tax

payer at 100% of the money. 0 need to change his mind months later

after he lost his insurance business, his main source for tax.

-- ass. The family then said they would not pay the money and Sean

Quinn was on borrowed time. The state had taken over the bank and

now we moved to takeover the entire Quinn Group. Quinn was effectively

nationalised. What once belonged to him, have now belonged to the Irish

Once the richest man in Alun, Sean Quinn walked into a court in

Belfast and filed for bankruptcy. But that banquet later bankrupt him

in Dublin, where a tougher regime would finish his business career

for good. A bitter Quinn said the bank had ruined his chances of

recovering money for taxpayers. was destroyed. I have grandchildren

now. What Anglo Irish Bank have done to the Quinn Group is like

somebody taking a sledgehammer Tear churl's toys. It is wrecked. Sean

Quinn looked crushed. His company gone. The fortune he had set aside

for his children wrote to the state. He had been worth billions, now he

said he had just �11,000 to his name. Somebody said, get his head

on a spike or some kind of trophy. It appears to a lot of people that

did does not make sense. Consequently, in the group, there

is great concern. They do not like smart Alex in the City and he was a

real -- and he ran to some real smart Alex, they were slicker as

they come. And they proved his Quinn employees said their former

boss was brought down by a vindictive bank. Many protested at

the new management. We want him Others took it further, as intense

local loyalty boiled over into violence. It was the manner of Sean

Quinn's remove fault that was most resented. In terms of the takeover

of the Quinn Group, the family allege subterfuge. He was invited

to Dublin for a meeting while the troops moved in. Why this underhand

manner? It was not subterfuge, it was a prudent arrangement to make

sure that the bank could actually get hold of the security that was

their for the loans. There was no vindictiveness at all. I have no

personal animosity towards Mr Quinn or any member of his family. Simply

cheering a bank that is concerned with recovering as much as it can

in terms of this security it legally holes. The insurance

business was sold. The manufacturing business burdened

with massive debt, it was restructured. The only hope of

payback for the taxpayers they in a vast portfolio of overseas property.

Worth over half a billion. international property portfolio is

the last area of contention between the Bank and the family and Sean

Quinn made it clear to Anglo Irish that they would face a hard-fought

battle over that international portfolio. The bank thought they

had already won that battle, but it took control of the entire Quinn

Group, but they were in for a surprise. -- when it took control.

Last summer, a Bill unexpectedly arrived at Quinn Group headquarters,

now in the hands of the bank's representatives. An invoice for

companies in Stockholm. Few knew what it meant. The answer had been

hidden on a hard drive on a Quinn Group computer. In it, a file

marked strictly private and confidential. Accessible to just

five senior staff. It sketched out a brand new Quinn corporate

structure based on does new companies in Sweden. The Quinns had

Stockholm. This city was the headquarters for the Quinn Group's

Overseas Properties, now owned by The Quinn family owned property

worth hundreds of millions of pounds, located all across the

globe. But it was controlled from here, Stockholm in Sweden. That is

why this city became a key battleground in their fight with

There are more than 20 properties, in many corporate entities in many

different countries, it is a very complex way that a family created

and it does not meet a whole lot of sense when Sean Quinn says he is

just a simple farmer's son. Certainly the corporate structure

he established around his business interests would 0.2 highly

sophisticated businessman. -- would point to a highly sophisticated

businessman. Today there are mountains of legal papers all over

the world detailing that battle between Quinn and the bank. Some of

the most revealing ones are probably here in Sweden and I am

off to the Appeal Court archive in the old town in Stockholm where I

hope to find them. Sean Quinn had been removed from all his companies

by the back, including those based in salute -- in Sweden. But in a

secret boardroom coup, he had apparently got back charge. Here

are the papers. Excellent. This is the whole case? Yes. The whole case.

These papers show Sean Quinn is still in control of companies worth

hundreds of millions. What is he up to? I found a vital piece of

evidence, that may show Sean Quinn trying to get rid of the property.

He is moving a fortune into that new network beyond the reach of the

bank. Of the shareholders representatives... Here we have a

document dated June 15th, 2011. Two months after the banks supposedly

took control. But who is in charge of the property here in Sweden?

None other than Sean Quinn himself. What is he doing at this meeting?

It seems as if he is signing over control of the entire empire to his

nephew, Peter. Peter Quinn, known as P D. Aged 35, he managed Quinn

properties across Europe for his uncle. Now he was controlling the

family's new word work -- new network. The family had signed away

control of valuable companies, 11 in total. Potentially millions due

to the state were now disappearing from its reach into this new

network. Local contacts were listed on the documents that established

the foundation here. I wanted to find out more, so I thought I would

My name is Jim Fitzpatrick. I am from the BBC. I am in Stockholm at

the moment. From that documentary point of view, your name comes up

against some companies. We would like to clarify what your position

or role within it was. Goodbye. None wanted to speak to us, even

the registered agent said the new nothing about it. -- they knew.

What we do know is that the foundation was set up for the Quinn

grandchildren, so they were in line for those valuable property

transfers made between Peter and Sean. It seems that a clear attempt

to move millions be on the bank was made. -- beyond. So, why are the

grandchildren the ultimate beneficiaries of the mysterious

foundation? We have spoken to one Quinn associate who said the

intention was to be to offer a new beginning for the Quinn family. But

the bank, Banahan was a blatant attempt to put assets worth

hundreds of millions of pounds forever beyond its reach. Sean

Quinn and his children had legally pledged their entire empire to the

publicly owned bank and to the state. Up a public had no such

claim or anything owned by the grandchildren. The bank had

witnessed a fortune taken from right under its nose. Was the Bank

caught napping when they discovered there had been a plan to ship

assets through Sweden? It has become clearer that there is a

process, there has been a process underway to try to put assets

beyond the reach of the bank. I regret that, it is a process which

we oppose, we are pursuing that. We have made a certain amount of

progress through the courts, I hope we can continue. There is a way for

that process to come to an end and that would be that the Quinn family

the first Bush processes. -- reversed those processes. Peter

Quinn denies the move was to hide millions from the bank. But he has

not explained by the property was being transferred into the network

he controlled for the family. A significant stride forward had been

taken by the family in moving control away from the bank. The

Quinns were winning the war, but the fight Adderley just begun. I

suppose what we have learned in Stockholm is the lengths to which

the Quinn family would go in order to keep control of parts of that

property empire. The bank says The episode in Sweden set alarm

bells ringing in the bank. Sean Quinn, a simple farmer's son, had

been one step ahead of them. Back in Dublin, the Bank rushed to get a

worldwide court order. Its terms were simple, Sean Quinn and his

family could not interfere in anyway with the overseas property.

This was a serious escalation. Any further meddling by the Quinns

could put them in jail. Once the court order has been made, any

action in breach of that order to be content. It is not a mere

technicality, it becomes central. For the bank, obtaining a court

order was one thing. Enforcing it would be quite another. Kiev,

capital of Ukraine. An emerging market, still shaking off a Soviet

past. Sean Quinn invested millions here. The City, as staging posts in

his move deep into eastern Europe. He promised a great fortune, which

still lies in wait. -- it promised. Kiev is a funny kind of city, it is

much bigger than you imagine it beforehand. This mixture of old and

new, the old architecture, the new, swanky investments, and of some

some pretty mad Communists staff. This part of the city is on the

cusp. It has some of the new and plenty of the old as well. Irish

taxpayers now owned this huge shopping malls. It generates almost

$1 million a month in rent. But that is not going to the public

coffers. I am here to find out why and to find out who is getting it.

So, this is what $60 million of prime retail real estate in Kiev

looks like. It is called the Univermag. A local landmark and

Kiev's first shopping mall. My translator and I can only get so

What is your problem? We are just taking some television shots. It is

security of the Mall, OK. We are not in the Mall, though? So we are

filming the more but we are not on the Mall, does that...? A Paris we

are told we are not allowed to film here even though we are from the

public street and we have not tried to get into the Mall. Hello. We are

just taking some film. No... guards did not want us anywhere

near the Mall. Frustrating for us, but worse for this man. He is

supposed to run the place. The bank appointed him but even he cannot

get in. Unfortunately when I came the first time, I went to the

office on the third floor of this building and first all I found that

the offices closed. It is closed, it is locked, despite some noises

and some light that I saw outside. So there were people hiding inside?

Yes, definitely. So these people who were running the Mall, you are

the new boss but they were the ones in charge it seemed. Yes, they

still pretend to be in charge. At the same time I called the police.

The police came and by the way it was very interesting to see the

police with machine guns and dozens of police are men. It is a building

in the heart of Kiev. It was embarrassing for everybody there

because the management office is next to the bowling alley and this

was afternoon time when a birthday party for kids was taking place and

mothers saw people with flak vests and helmets and machine guns come

in and they were shocked. This is bad for business overall the

weather is in charge of the place. The police refused to help the bank

take charge amounts on this man is still locked out. And who is

keeping him and the Irish Bank out? A female employee of the more has

taken legal action to block him. I I think this is the building we are

looking for. The woman inside was standing beside -- between the

Irish taxpayer and $1 million a month in rent. Now, this is her

home address in a normal residential area of Kiev and we are

going to ring the bell and see if she will talk to us. SHE SPEAKS

RUSSIAN They said she was out and she has been avoiding our calls

ever since. It seems unlikely she single-handedly masterminding an

attempt to take over the more but they have succeeded in leading the

bank into the quagmire of the Ukrainian court system. They call

Ukraine the Wild East, the rule of law can be haphazard at best. The

Irish Bank has discovered why. Every attempt to persuade courts in

Kiev of their rightful claims to the mall has been deposed and

obstructed. It is a notoriously gyp corrupt judicial and court system

and it is being used to further the aims of whoever is behind it. That

is to keep this shopping centre out of the reach of the Bank, fire

stalling tactics and delaying tactics. There is an opportunity to

open up cases in a court system that is amenable to taking bribes

to make decisions against your firm and so that is a big issue. For our

companies and our member companies we do our best to try and stay out

of the Ukrainian court system when and if up at all possible. When the

Irish government complained last year, Ukraine ordered an

investigation into the court's handling of cases linked to the

Mall. Money is still pouring into the tales inside. It is not going

to the Irish taxpayer. I need to find out who is getting it. We

never got to see the more employee who is blocking the bank but we did

discover the identity of her boss. Maybe she could tell us more. This

is the woman we are trying to speak to. Unfortunately she does not want

to speak to us. She is currently running the mourner at the moment.

She is the more's Rosenior executive, shown here at an

international function. The banks sacked her but she remains in

charge. She must know where the money goes but she is also behind

closed doors. She was hired by the Quins. Then they doubled her salary.

During the takeover by the bank. The question is, if she still

working for them? I have tracked down the man he used to run the

Ukraine operation for the family. Following a disagreement three

years ago he was replaced by this woman. He answered directly to Sean

Quinn's nephew Peter. I was the contact person for major decisions.

The approval of rents and leases. These kind of things. A at the time

when you were working within the group, the chief accountant was a

woman, do you know her? Are she is quite knowledgeable and industrious.

She is concentrating on what she's doing and I think she was

performing well and she was promoted to the permission --

position of director. So she would have a lot of loyalty to the group

because she was promoted into that position. Well, I would say she was

loyal and looks like she still is. We have asked her about her role

but she has not answered any of our written questions. If Quinn family

deny she is working for them. Last August, she took part in a meeting

at this Kiev office building. She met the two visitors from Ireland.

Peter Quinn and his cousin Sean Quinn junior. On the same day a

Quinn company ordered a major deposit for her personal account.

Half-a-million dollars. Apparently signed over by Peter Quinn. Peter

Quinn says he didn't approve the payments but he cannot explain why

his signature is there. Sean Quinn Jnr denies any role in the payment

which was later blocked and is being investigated by Ukrainian

police. The banks say it is a bright and that is because soon

after that meeting, she delivered a knockout blow. She agreed to pay a

multi-million-pound debt that would strip the more of all it was worth.

How do you Robber Bank? You can go in with a gun or, as the bank in

this case alleges, you can go to court. Here a couple of days before

Christmas the Kiev national court handed a �28 million debt to an

offshore company called Lyndhurst. In so doing -- in so doing they

gave them complete control over the Mall. The more should belong to the

Irish public but suddenly it is in hock to a mysterious company in the

British Virgin Islands for millions of pounds. This offshore company

claims the more owns it a massive debt, but for what? The demand

appears to have come from nowhere. You read the press reports of what

was happening in the court and you saw these amounts materialise and

what was your reaction? Well, I think my reaction is similar to

many others. The purpose is evident. So only doubt was, it is evident to

you but what is the purpose of Bayern been stupid? The purpose is

to keep the property and to get ownership on it, in my

understanding. Despite the Bank's protests, the Ukrainian courts are

allowed when Lyndhurst to take control, a company that appeared

from nowhere. Vladimir was the man in charge of the entire Quinn

operation in the Ukraine. You would like to think that if there were

multi-million-dollar loans from the Quinn a corporation to other

companies that he would have known about it, and yet he says he knew

nothing. Surely if someone was going to know, it would have been

him. Now, after months of silence, Lyndhurst's reported owner has

turned up in Kiev. He claims there is no mystery. He says the Mall was

simply put up for sale. The price was $50 million, cash. The seller

was Peter Quinn. He denies this. The Quinn family say that locals

did it and they are not involved. The Bank believes that the Quinn

family orchestrated the move of the more from its control. The pattern

set in Kiev has been repeated in other parts of the former Quinn

empire. Sudden attempt to snatch property away from the bank.

Attempts by faceless companies with one thing in common, they appear to

know the Quinn empire inside out. Russia. Where the bank expected its

biggest pay back. Thanks mainly to this office block in Moscow. It is

nearly $200 million of prime real estate. Prestige tenants like a

Coca Cola guarantee nearly $20 million a year in rent. Part of the

Bank's inheritance from Quinn's East and inheritance -- expansion.

Even as late as 2009, with his business under intolerable pressure,

Sean Quinn was still expanding, he at the opening of a business park.

We are involved in seven locations in Russia in total. Dozens of

properties here promise to millions to the Irish taxpayer. But last

year the Russian properties were hit with the same style of take

over that was happening in Kiev. They were hit with claims for

hundreds of millions of pounds from a host of offshore companies,

demanding a pay up or shut down. The bank was effectively losing

control. A fortune was on the move, away from the bank. The question

was, where would it wind up? One company laid claim to more than any

other. Over �100 million of the Bank's money. It is based six-and-

a-half 1,000 miles away in Central America. It is an excellent place

Good morning and welcome to beautiful Belize. The only English-

speaking country in Central America. The population is presently 330,000.

Belize, Central America. Despite the poverty, this country plays

host to a lucrative offshore financial industry. The companies

that are based here are collectively worth billions. Not

that the locals see much of it. is not good. The economy is really,

really bad. The poverty is really overwhelming. I know you will

notice that, right? Right. You cannot help noticing Cup. He can't

help. In high finance offshore areas are a established feature of

the modern world. Good luck and thanks for talking to me. OK. So,

you got to face book made. OK! I have come to believe because this

is where the biggest slice of the former Quinn property empire that

should be owned by the Irish taxpayer has turned up. I'm looking

for the company claiming that it now owns that valuable Moscow tower

block. We hadn't much to go on other than its name and an address.

We are looking for somewhere that is a post office box. It is a post

office box address, would that be near here? Pose of his box. Does it

ring any bells? No, the Post Office is over the bridge, I think.

company is based here, it is claiming Russian property but it is

Irish taxpayers who are losing out to the tune of $100 million. The

company is supposed to be here summer, but offshore in places like

Belize, everything is a little elusive. In the of sure, there is

an ability to keep the true ownership of the company

confidential. -- offshore. The true ownership of the company can be

withheld or hidden. Finally, I found it. The lucrative office

block in Moscow is controlled by a company based here. It is worth

more than $100 million on paper. You would expect the headquarters

to be quite plush. OK. Box office number 1906. It should be somewhere

here. 1916. 1962. 1906. This is it, this is the number. This is the

registered office, if you like, of the company which owns $100 million

of assets in Moscow. This is it. Irish taxpayers' money effectively

locked up in a dusty post office box in Belize. Controlled by an

offshore company created just last year, its ownership a secret. How

this conjuring trick is performed is a mystery. But the bank has its

suspicions about who is behind it. The Quinns. The thing about the

offshore world is that basic company information like the owners,

directors, financial records, are almost impossible to get hold of.

That is the point. If you want to keep your secrets, you start by

moving your business offshore. Defined as a more on this, I went

to see the man who created that offshore world year in Belize. --

to find out some more. Clem got free is a former Attorney General

of Belize. He was instrumental in establishing Belize as an offshore

haven for international companies. -- Glenn got free. He knows how to

crack open those secrets. How could I find out if I wanted to know who

owns a company in Belize? international business which is

offshore, you have to go to the court. You have to show that there

are some fraud being committed, the company being misused. A lot of the

information is not available, it is up to the court to get the

information. So that is where I am going. And where the bank has

already been in its pursuit of the money. The bank had one shot at

breaking through the secrecy. Take the company to court and prove that

the takeover of Quinn property was illegal. And that is what they did.

The suspicion was that the company It is here indisputable court room

with the colonial symbols very much in place that this Irish battle

took place between the state-owned bank and the company it suspects is

controlled by the man who used to be its richest citizen. The court

ordered the company's owner to reveal his identity. He said he was

a restructuring expert. The banks said he was an unemployed railway

worker in Moscow. They thought he had been put up by the Quinn is mac

to hide their involvement. They had unquestioned on a video link. He

did not have many answers. What I know is that they started the

interview and it became obvious there was somebody else and the

them coaching the witness. The judge said, get out of the room,

you are not supposed to be here. At that point, the person seemed to

have left the room, then a couple of questions after that, the

transmission went dead. Before his abrupt departure, the man claiming

to own the company was very specific about when the property

rights were handed over. He said it was on April 4th last year. There

was one problem. On April 4th, that company did not exist. This is

testimony from a lawyer who set up the company. He says it was

effectively an empty shell. No owners, the shareholders, no funds,

nothing, until it was purchased in July. That is three months after it

supposedly took hold of the Quinn properties. How could Sean Quinn

signed a transfer to a company that did not exist? It had only been

established as a working company after Sean Quinn had been expelled

from his business. The deal was a fake. Forged to make it look like

Sean Quinn was still in charge and before the court order that would

have made it illegal. The question is, did the Quinns perpetrate this

fraud, or someone else masquerading as them? Sean and Peter Quinn

insisted they only signed a deal with the man from Moscow directly,

not his company. They say the documents showing that they gave

money to the company that did not exist must have been faked by

someone else. But the court here has turned up another crucial bit

of evidence. The company claiming that Quins' Russian property was

set up by Peter Quinn. I have discovered that it is just one of

half-a-dozen offshore companies now laying claim to buy property in

Russia, all sharing the same set of directors, or purchased on the same

day and all bought by Peter Quinn. -- all purchased. The Bank believes

he did this for the Quinn family to take assets worth millions from the

taxpayer. Peter Quinn says there was no master plan. Yet, he now

admits that he and his uncle had signed away millions were per

property to a host of company hoping to recover it at a later

date. But he says he did this before the bank took charge and

denies he broke the law. Clearly, these people are desperate. The

network just vanished, people do desperate things. The family say

they were acting within the law, but the bank say far from it. By

the time the money and was moving to Belize, the family had no right

to it. Their charge against Sean Quinn is very serious. And this is

it. He was a bogus director using fake documents to take assets that

belonged to the Irish taxpayer beyond their control. No wonder the

back tickets are seriously, no wonder they are prepared to see him

in jail. -- the bank took it. Courts in almost a dozen countries

having tied up with a hunt for Sean Quinn's missing millions. They have

heard how the Bank believe that even as far away as Belize, the

farmer's son from County Fermanagh remains in control. The banks say

he is Master and Commander of a At Dublin court must now it

determine Sean Quinn's fate along with his son and his nephew, they

are accused of breaking that court order to leave the property well

alone. The charge is contempt of court, possible penalty, if guilty,

his prison. Peter Quinn has faced the most intense questioning in

court. We had questions for him as well. Peter Quinn, BBC Spotlight.

Can I ask you, are you worried about the prospect of going to jail

over this? It is pending at the moment, it is not appropriate...

What do you think about the taxpayers to stand to lose hundreds

of millions? -- who stand. Peter Quinn has admitted he wanted to

move as much property as possible away from the back for the family.

But like his uncle, he denies he broke the law in doing so. Mr Quinn,

BBC Spotlight. How have you got on today? Is your family hiding its

millions? Oh, billions. The banks say you are. They Quinn's -- the

Quinns said legal advice prevented them from asked -- answering any

further questions. They deny the charge are you comfortable with the

prospect of Sean Quinn going to jail? I regret the fact that there

was so much litigation about that case. But we have no option but to

proceed. What had been so next? there any happy ending? That would

be that the people through tried to put assets beyond our reach reverse

that process. It is a pity it has come to this but the by and has no

option but to proceed. There will be no happy ending to this. No

happy ending for the other people. But you can be sure that they will

not be going to soup kitchens. They will live in some comfort and spend

the rest of the day's grieving about why they are not a more

gilded surroundings. Perhaps it did not have to come to this. The

Quinns have a court -- court case of their own, alleging they do not

owe the money claimed. That is because they say the Daily ins they

borrowed were illegally lent by at bank trying to save its own skin.

-- the billions. While it is accepted that Anglo bank did loan

almost 3 billion to the Quinn family, the Quinn family have in

essence alleged that they did so to prevent Sean Quinn unengaging in a

fire sale of his shareholding. That would have led to further downward

pressure on the Anglo share price. The Quinn family are arguing the

bag was engaging in an illegal share support scheme. It goes to

the heart of the matter as to whether the ban was trying to

protect itself or to protect Sean Quinn. I would say it is one and

the same. If Sean Quinn went, the bank would have got. In the first

instance, the bank was trying to protect Sean Quinn. I think Sean

Quinn was trying to protect himself by approaching the bang regularly

to get loans to cover his losses. What if the Quins are right and the

loans were illegal and unenforceable? We dispute that, of

course. But they still have a case they hope to have heard. I do not

contemplate their winning that case. Clearly, we have a different view

of that. Tonight, Sean Quinn's freedom is in the hands of a judge.

A judge to excuse the Quinns from court last week for Sean junior's

winning. Peter, his best man. Temporary respite from the case and

judgment that awaits them. It has been a staggering four for the

billionaire. The bankruptcy case of Sean Quinn was the largest

bankruptcy across Ireland and England. The scale is just

unprecedented. Sean Quinn, perhaps the personification of Ireland's

boom-and-bust. I think it is the best story to describe what

happened in this country, the story of Sean Quinn and I -- Anglo Irish

Bank. The most successful bank and the

most successful private company family business in this country.

have seen both go from rags to riches to rags again. The bank and

the bankrupt billionaire are not finished with each other yet. We

followed the money across the globe and it is clear that the Quinn

family faces years of grinding legal action against the bank and

essentially, the entire Irish state. So far, all the courtrooms in the

world have not been able to secure the money that the Quins helped

snatch away. Stockholm, Kiev, Moscow and Belize. The bank's'

investigators have moved on again. To date, the bank has lost control

of around half a billion, most of that has washed up in offshore

companies around the world. Added fears that it may lose that money

entirely into a Quinn family bank account. What further chances of

that happening? Considered this. On the very same day that he set up