Quinns: The secret €11m money trail revealed – National News – Independent.ie
The Quinn family firm got the €11m secret loan in spite of court orders banning them from interference with their €500m property portfolio.
The collateral for the cash boost was future rental income at the office block, Q City, owned by the family in India.
We’ve obtained new documents which reveal millions are still being extracted from the Quinn family’s International Property Group (IPG), despite the imminent threat of jail hanging over Sean Quinn snr.
The exact whereabouts of the borrowed cash is unknown.
But it is feared the €11m and the €4.8m annual rental income from Q City has been moved offshore from India to Hong Kong, via a bank in Singapore.