Former bank may regain Sean Quinn's old Kiev shopping centre

The Irish taxpayer-owned bank, IBRC, may have moved a step closer to regaining control of a multi-million pound shopping centre in Kiev that once belonged to Sean Quinn.

It follows what the bank believes is a "significant" intervention from a senior member of the Ukrainian government.

The bank had hoped to sell Sean Quinn's former international property portfolio to recover some of the £2bn debt inherited from the one-time billionaire.

However, it has found itself literally locked out of properties across the world.

The shopping mall in Kiev, known as the Ukrainia Univermag, is worth tens of millions and should be earning the bank around £600,000 a month in rent.

But following a series of apparently corrupt court decisions, the bank has been unable to take charge of the mall and the rent is disappearing into someone else's account.

If the government doesn't undertake actions to prevent or remedy the situation, it actually is an accomplice of illegal actions”

IBRC, formerly Anglo-Irish Bank, has accused Sean Quinn of being behind moves to put the mall and other assets beyond its reach. He has denied this.

Now, following a BBC Spotlight investigation which featured the ongoing battle over the mall, one of Ukraine's most senior government ministers has ordered an anti-corruption probe into court decisions and has threatened to sack senior officials if they are found to be complicit.

The first vice prime minister of Ukraine - essentially the deputy prime minister - has demanded action from the general prosecutor of Ukraine, its department of internal affairs and even the Ukraine security service.

"The situation we are considering... develops by one scenario: the court makes an unlawful decision, the authorities don't react properly, resulting (that) the property is alienated from the lawful owner," said Valeriy Khoroshkovsky.

He vowed that the government would eliminate the sort of corruption that appeared to exist in this case and others.

"If the government doesn't undertake actions to prevent or remedy the situation, it actually is an accomplice of illegal actions," he said.

IBRC has not commented on the latest development, although a source at the bank said it was a significant intervention that gave some hope that the matter would be resolved.

Sean Quinn, his son Sean Jnr and nephew Peter Quinn are currently awaiting judgement in a contempt case brought against them by the bank in Dublin.

That judgement, which could carry a jail sentence if they are found guilty, is expected at some point after 6 June.