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You're reading: Court freezes Quinn assets as Ukraina mall fate unclear (UPDATED)
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A high court in Dublin on June 20 extended orders to freeze the
assets owned or controlled by the five adult children of bankrupt Irish
businessman Sean Quinn Sr., his nephew Peter Daragh Quinn and two
sons-in-law. More than $500 million of foreign properties, including the
$78 million Univermag Ukraina shopping center and its estimated yearly
$10 million in revenue from tenant leases, were once structured into a
Swedish holding company controlled by the adult children of Sean Quinn
Sr.

The orders were based on an affidavit, obtained by the Kyiv Post,
submitted on June 14 by an executive of the Irish Bank Resolution
Corporation to which the Quinn family owes more than $3 billion. The
bank granted the order the same day.

A state-owned Irish Bank, IBRC has struggled to claim much of the
$500 million of foreign property assets, including the
42,000-square-meter Ukraina shopping mall located in Kyiv on Prospect
Peremohy. Since April 2011, IBRC has been losing court battles in
Ukraine to take over the lucrative shopping mall.
Ireland’s prime minister has taken up the matter with President Viktor Yanukoyvch.

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