Anglo Irish in move to chase Quinn assets Anglo Irish Bank has formed a partnership with a company owned by three Russian oligarchs to help it recover €500m in assets allegedly been put beyond the reach of the state-owned lender by Sean Quinn, the jailed Irish businessman. A1 is the asset recovery arm of Alfa Group, a company owned by Mikhail Fridman, German Khan and Alexsey Kuzmichov. The partners are known for their skill in legal and corporate wrangles and have taken on companies such as BP and Telenor in the past. Anglo Irish is specifically seeking to enforce its security over the Quinn Group's €500m property portfolio in Russia, Ukraine and India. "Alfa and A1 carry considerable weight in those markets and any individual or organisation will be wary about being in conflict with such an influential player in the market," a senior Anglo Irish executive told Dublin's High Court in an affidavit explaining the bank's reason for entering into the contract with the Russian company. Michael Noonan, Ireland's minister for finance, has sanctioned a joint venture agreement that will entitle A1 to the first $31m of any assets recovered and a share of any further assets it recovers on behalf of Anglo Irish and, ultimately, Irish taxpayers. Mr Quinn was jailed for contempt of court on Friday after he failed to help reverse moves allegedly made by him and members of his family to put property assets out of Anglo Irish's reach. The deal with Anglo Irish requires that A1 act "lawfully and with probity" and in a "manner becoming of a representative and agent of a nationalised financial institution," according to legal documents seen by the Financial Times. The asset recovery deal with A1 represents a shift in strategy for Anglo Irish, which admits its efforts at reversing legal decisions in Russian and Ukrainian courts to enforce its security over the assets have failed. Anglo Irish, which has been rebranded Irish Bank Resolution Corporation, says the Quinns owe it €2.8bn in loans. It alleges the Quinns are continuing to frustrate its efforts to recover the property assets, forcing it to seek A1"s help . Details of the agreement between Anglo Irish and A1 emerged on Monday as public protests against the jailing of Mr Quinn took place outside Quinn Group companies in Northern Ireland and Ireland. Just four years ago, he was listed as Ireland's richest man, having built the Quinn Group into a $6bn conglomerate selling everything from insurance to cement. But a disastrous multibillion-euro gamble on Anglo Irish shares at the height of the financial crisis saw him bankrupted and his company stripped from his family's control. Workers at a number of the former Quinn-controlled companies - Quinn Direct, Quinn Packaging and the Quinn Cement plants in counties Cavan and Fermanagh - staged a one-day walk-out on Monday. Police said tractors and other vehicles were used to block the entrances to the premises and surrounding roads. The protests are the latest in a spate of marches and demonstrations in the area, where Mr Quinn enjoys considerable support due to his job creation record over 40 years.