The Quinn Collapse


#1561

Where is the tax man in all of this?!


#1562

Taking notes I would imagine. Why jump in when IBRC are doing a fine job of discovering documents for you?


#1563

Whe Kelly froze their accounts last year didn’t they apply for an allowance for living expenses etc?

Did they misrepresent themselves at the time as having no source of income? They seem to be saying some of this Russian money was for living expenses.


#1564

What about the CAB?


#1565

all in the past yr
Colette Quinn 327k
Aoife Quinn 370k
Stephen Kelly 260k
Naill McPartland 281k

Paid Apr 11 to mid 2012
Karen Woods 320k

all from Russian companies, all with contracts in Russian that were’nt translated and so the ‘family’ did’nt know what they were signing up to.

And no receipts etc to explain where that cash went…and they still needed living exps of several k a month from frozen accounts.
F off :sick:


#1566

Still skulduggery going on in relation to people working with the current incarnation of the Quinn group.

bbc.co.uk/news/uk-northern-ireland-21275200


#1567

IBRC lawyers won’t have to say much. The judge will be taking an extremely dim view of all of this. And various other consequences will quickly follow.


#1568

Arrested Development Irish-style.

It would be comical except for the fact that any money taken illegally by the Quinns is money stolen from Irish citizens. On the brightside, I can see CAB giving these guys hell for the rest of their lives.


#1569

So thats €1,558,000.00 in 2012

By my back of the envelope calculations they are collectively due to pay about €800,000.00 Irish tax on that “income” . They would of course be able to apply for a tax credit in Ireland for tax already paid in Russia. You would of course need a receipt to claim that credit, something they all seem to lack retaining.

Oh Revenue I hope you are paying attention to these court statements.

Wont someone in court ask them “did you pay income tax on this income” please…


#1570

One of them mentioned this week that tax was deducted at 30% and this sounds credible. The Russian company paying the salaries would have been obliged to deduct tax at source. The difficulty then would become getting the Russian equivalent of a P60 if, as they claim, they no longer have any involvement with or cooperation from the Russian company in question.


#1571

The only receipts that could be trusted would be coming from the Russian government’s taxation department. All the Quinns who were “employed” would have PPS number equivalents. Although something tells me that the Russian company in question will be the ones responsible for not paying the tax, and the Quinns will not be obliged to pay any outstanding balance.


#1572

They wouldn’t necessarily have the Russian equivalent of a PPS number. It is possible for a foreigner to pay income tax there without one. But I think it’s unlikely that the Russian company would not have been paying the tax. The company would have its bank accounts seized if it went even one quarter without paying employment taxes and these payments seem to have been going on for 18 months or more.


#1573

That depends, surely, on whether it was salary that was being paid or, say, repayment of a loan…


#1574

Russia is much more controlling about things like that than other countries. Banks are held liable by the Central Bank for questionable payments so have to certify the bona fides of the payments they process. Payments to non-residents would attract special attention from the bank. If A borrows money from B and then A wants so much as to have the repayment made to a different bank account than the one the original loan was transferred from would involve jumping through multiple bureaucratic hoops. Making repayments on a loan that had never been received wouldn’t really be feasible at that level. If you’re going to play around then it needs to be done at a much deeper level and would involve the money going through dodgy banks and fly by night companies and ending up in other jurisdictions outside Russia.

If the Quinns weren’t able to organise anything more efficient or more devious than having to take large sums out of ATMs here on Russian bank cards then I’d say it’s most probable that the payments were structured as salaries, that the company paying the salaries deducted income tax and that the Quinns just viewed this as an unavoidable cost of getting the cash out.


#1575

Interesting, thank you.


#1576

Even if 30% had been deducted they would still be liable for the balance in Ireland of about another 25% on the gross about another €375K collectively.


#1577

Yes. There’s a Double Tax Treaty between Ireland and Russia so they would be able to offset the tax paid in Russia but there would still be a hefty amount to pay here.


#1578

I know they said this but I just dont find this claim credible.

If there is a limit of €500 per transaction as was mentioned earlier in the week lets say you get efficient at it and it takes just 3 mins to complete you would have to spend 9,330 minutes doing nothing else but withdrawing money.

An ATM has a capacity of about €20,000 outdooratm.com/atmoutdoorfaq.html

If it was full when you started you would empty it in about 120 minutes or 2 hours. Lets assume even the Quinn’s got uncomfortable with that much cash in a sack while standing at an ATM getting repetitive strain injury so they went home to stuff it under the bed or to bring to pay “legal fees” lets add another 2 hours for this.

After waiting for the machine to be refilled or going back the next day they would have had to spend 78 days doing just this split evenly between the 5, each would have had to do it for 16 days.

If someone empties an ATM in 2 hours using a Russian credit card wouldn’t the bank get a bit suspicious?

Possible but is it really probable?


#1579

Average ATM transaction time is about 45 seconds according to google.

But I get your point.


#1580

That might apply to the ATMs in supermarkets. The ATMs at a bank branch might have up to a million euros in them.