“That is not a state of affairs they would expect to find in a competently run country.”

Riffing on the row over Garth Brooks’ non-concerts in Croke Park that has consumed local media attention, in the Irish Times John McManus has some pertinent points to make about the long-running saga of who controls the former Quinn Group companies – and the accompanying campaign of attacks and intimidation. In recent weeks one consortium, Quinn Business Retention Company, which includes former Quinn Group senior executives, has teamed up with Endless LLP, a UK private equity house, to become the last bidder standing sole …

Read more…

Aventas: “These scandalous attacks orchestrated by a small group of criminals and their equally criminal sponsors…”

As the BBC reports, Lagan Cement Group has suffered damage of more than 1m euros (£820,000) in three separate attacks. The attacks followed the announcement that Lagan was buying, subject to approval, Rooftiles in County Fermanagh from the Aventas Group. The arson attacks at Lisburn, County Antrim, Comber, County Down, and Carrigtwohill, County Cork, are reported to have occurred since the Feb 4 announcement of the sale of Rooftiles, which is based in Derrylin, to the Lagan Group. The Aventas …

Read more…

“The loans were provided as part of the unwinding of an indirect 28 per cent stake in the bank amassed by Mr Quinn…”

Three former executives of Anglo Irish Bank, former chairman Seán FitzPatrick, former finance director Willie McAteer and former managing director of the bank in Ireland Pat Whelan, charged with “giving unlawful financial assistance to buy shares” have been sent forward for trial at the Irish Circuit Criminal Court.  As the Irish Times report notes The charges relate to loans provided by Anglo to a group of investors – ten customers known as the “Maple 10” – and to the five children of …

Read more…

And what of the Quinn Group’s former Non Executive Directors?

Unsurprisingly, a lot of news focus has been on the Quinn family and the income they’ve derived out the various family businesses… and the Irish court systems various attempts to trace what’s happening to current income from holdings in Russia… But of course, in theory at least he was not the only one driving the business, or responsible for its general oversight. So what of Pat O’Neill, chairman of Quinn Group Holdco Limited (QGHL) who quietly faded from view this …

Read more…

“Sean Quinn didn’t invest in Anglo Irish Bank, he bet on it”

As the cost of the adminstration of Quinn Insurance mounts, and to the sound of u-turns from ill-advised supporters of the bankrupt Sean Quinn, BBC NI business editor, Jim Fitzpatrick, sets out the facts in the case of the former billionaire.  Here are a few key points Sean Quinn didn’t invest in Anglo Irish Bank, he bet on it If all he’d done was buy shares, his losses would have been limited. But Sean Quinn chose a dangerous financial instrument …

Read more…

Sean Quinn: “We felt it was the right thing to do and we still feel it was the right thing to have done…”

The jailing of his son and nephew was supposed to be “a practical way” of procuring compliance with the court orders to reverse the contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC). Instead, the bankrupt Sean “I am not dishonest” Quinn snr has embarked on an unapologetic PR campaign.  Whilst his still ‘on the run’ nephew, Peter Darragh Quinn, has been reportedly photographed with his father at a GAA match in …

Read more…

“a scheme of mesmeric complexity, reeking of dishonesty and sharp practice”

With Sean Quinn jnr in jail, and Peter Darragh Quinn ‘on the run’, there’s been another development in the long-running battle between the Quinn family and the former Anglo Irish Bank, now state-owned Irish Bank Resolution Corporation [IBRC], over the €2.8billion the IBRC is owed.  From the Irish Times report Mr Justice Peter Kelly said he has presided over the Commercial Court since 2004 and regrettably was having to deal more often with cases involving “national and international fraud, sharp practice, chicanery …

Read more…

Three former Anglo Irish Bank executives charged with “giving unlawful financial assistance to buy shares” – Updated

With Gardai still seeking Peter Darragh Quinn following the jailing of Sean Quinn jnr after the recent contempt of court ruling, two former Anglo Irish Bank senior executives have appeared in Dublin Criminal Court.  From the Irish Times report The bank’s former finance director Willie McAteer and executive Pat Whelan are the first people to be charged in the three-and-a-half-year-old Anglo Irish Bank investigation. Mr McAteer (61), with an address at Auburn Villas, Rathgar, Dublin was charged with 16 counts of giving unlawful …

Read more…

Sean Quinn son and nephew jailing “a practical way” of procuring compliance

Well, we’ll see.  Having been given three weeks to reverse their contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC), the bankrupt Sean “I am not dishonest” Quinn snr, his son Sean, and his nephew Peter Darragh Quinn have failed to convince the court of their compliance with the court orders.  As a result Sean Quinn jnr and Peter Darragh Quinn have been jailed for three months. Miss Justice Elizabeth Dunne ruled later, …

Read more…

Quinn Contempt Case: “The judge will look again on 20 July at their co-operation with the Irish Bank Resolution Corporation”

In Dublin High Court, Ms Justice Elizabeth Dunne has delayed the issue of what penalty to impose on bankrupt Sean “I am not dishonest” Quinn snr, his son Sean, and his nephew Peter Darragh Quinn, to give them the opportunity to reverse their contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC).  From the BBC report At the High Court in Dublin on Friday, Ms Justice Elizabeth Dunne warned she …

Read more…

Sean Quinn: “I am not dishonest.”

Dublin High Court, however, disagrees, finding the bankrupt Sean Quinn snr, his son Sean Quinn, and his nephew Peter Darragh Quinn in contempt of court for putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC).  From the BBC report In her ruling, Judge Elizabeth Dunne described Peter Darragh Quinn’s evidence as “evasive, uncooperative and, at times, untruthful.” She said he gave the impression that he would do anything to put assets beyond …

Read more…

Sean Quinn Declared Bankrupt in Ireland

Having succeeded in having Sean Quinn’s bankruptcy status in the UK annulled, the Irish Bank Resolution Corporation (IBCR), formerly Anglo Irish Bank, today applied to have Mr Quinn declared bankrupt in Dublin High Court.  Mr Quinn did not oppose the application. On Friday evening there was another attack on Mr Quinn’s former business headquarters.  That occurred just days after the UK bankruptcy annulment and one day after it was reported that Quinn Wind Energy Ltd had also been placed into administration. And the Irish …

Read more…

Quinn Group: “The perpetrators of this attack have been behind a series of incidents…”

RTÉ has a short interview with the Chief Executive of Quinn Group, Paul O’Brien, in the aftermath of an arson attack at his home in Ratoath, County Meath.  It’s the latest incident in an ongoing campaign of serious vandalism targeted at the Quinn Group since the appointment of a share receiver and the removal of Seán Quinn as chairman in April this year. From the RTÉ report [Paul O’Brien] urged Mr Quinn to come out and publicly condemn the attacks and added …

Read more…

“Mr Quinn said those responsible were not acting in his name and called for them to cease”

The last mention I can find, in the Slugger archive, of the financial entanglement of the Quinn Group (ROI) Ltd and the Anglo Irish Bank was in June last year – when Seán Quinn told RTÉ’s Prime Time that he had a plan to repay the  €2.8 billion the Quinn family owes Anglo Irish Bank within seven years. In April this year Angl0 Irish appointed a receiver to take control of the Quinn family’s shares in the Group and, in May, the Quinn family launched a legal action against …

Read more…

Seán Quinn’s cunning plan…

As the BBC notes, Seán Quinn has told RTÉ’s Prime Time that he has a plan to repay the  €2.8 billion the Quinn family owes Anglo Irish Bank within seven years.  Some turnips may be involved… Not least of which is that, if this earlier BBC report is correct, there are two separate debts involved. A year ago, Quinn Cement announced that bulk production was being temporarily halted. The company told 65 workers not to return to work for a month. The …

Read more…