after all he gave to this country WTF…hes a buisness man who borrowed money pay up or go to jail….he should not be allowed get away scot free

I have to agree he gave a lot more to this country than the 1.6 billion he owes. Think of all the jobs he created through his empire of insurance,concrete,plastic,windows etc. all these jobs are worth a lot more than 1.6 billion. Think of all the revenue generated through his empires. It all adds up. Whether you like to admit it or not this man done a lot for this country, and Anglo Irish done f*ck all only break us

You are living in the dark ages mate. No hanging in this part of the world, and if there was, I would hope murderers, rapists and child abusers would be a lot further up the list than a man who created 5,000 jobs, remained in this country paying all his taxes, got swindled by Anglo, had everything taken off him by a bank supposedly representing the taxpayer, who cannot run manufacturing factories in the back end of Ireland. This same bank who is destroying everything he built, putting thousands of jobs at risk, all to bring him down. You should grow up, to my knowledge, Quinn has done nothing illegal. The only illegality in this mess seems to have been in Anglos camp.

those jobs he created are still there …stop speaking like this man is some kind of martyr …hes a crooked buisness man who now has to pay the price for his dodgy dealings ….lets call a spade a spade and stop painting over things like we always do…. quinn pay up or suffer the consequences

How is he a crooked businessman and what wer his dodgy dealings? As well said above he has done nothing illegal

Louise, you can still be hanged for treason in Ireland and the UK, but it does not happen. As for your list of other fellons who should top the list, I couldnt agree with you more. Do them first, then Quinn and son!!!

Louise, Treason Act 1939, Quinn did break laws, 1: The Golden Cirlce ring any bells 2: His insurance firm wasnt capitalised enough. Also, he was as exiled from Ireland as U2, as he paid his taxes to The Crown, alas why he filed in Northern Ireland. I owe him nothing, yet I will be paying the “Sean Quinn Levy” on all my insurances next year. Oh, dont forget, he still has his huge house, fancy cars, chopper and plane….poor Sean, my arse!!!

Michael Hegarty. I,m sorry, now I’m lost. What has the son done ? Is he involved in something ? Or is it now death by association. Just to clarify what has Quinn done wrong ? Anglo gave him money to buy their shares ? ( Anglo’s actions here could be illegal ) Where is the illegality on Quinns part ?

So he can give himself illegal directors loans again?

why should he be given his companies back he defaulted and lost control…most normal people who dont pay their mortgage lose their property why should he be any different …come on he borrowed 2.6 BILLION get real ..pay up or suffer the consequences …we need to make people like quinn pay for what they did…im sure he has a nice chunk of this stashed in an of shore account …

Faceless man. Source Please ? Have read a lot on this topic over the last few months and never heard anything about illegal directors loans ? Please advise paper/ court case etc or is this just big wind from an idiot?

Normally if someone can’t pay their mortgage at all there house is repossessed and sold to try cover losses etc.
They took quinns job,took his businesses, and he’s expected to pay back billions aswell? Jesus Christ
That’s the appreciation ye get for putting so many people in a better position

@ Louise

http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/7689642.stm

This is how he lost Quinn insurance, used its funds to finance some of his other companies putting it in breach of requirements. He should ride a horse and wear a Stetson. People have short memories.

Oh yeh and do your own research before you fire off the insults, even Wikipedia gets it right the odd time.

Again Faceless man, your link has no mention of Director loans. Your link simply says one Quinn company gave a loan to another Quinn company, without notifying the regulator and thus incurred a fine. There is no mention of Quinn taking out money, and now Anglo has all the companies, so they have control of whichever company received the loan.

Right caught me on a technicality there, just a plain old illegal loan at his behest.

you really believe that this fat cat is bankrupt grow up …how much of the 2.6 billion has he stashed away ….pay up or go to jail ….

@ martin o’donnell

Prove he has it stashed away. And what do you mean by that, do you not understand that the quinn group took out the loan? How could he personally have it stashed away somewhere? Oh yea and how the f**k can he pay it back without control of his companies?

The man got a loan which he now says was illegal ..pull the other one …and if he aint got any stashed away hes not a very good buisness man than …hes bankrupt in the north ..still doing stuff down here though also ….bankrupt and still has houses here and abroad a helicopter fancy cars and a yacht …so whos the fool only myself and every taxpayer in the country including the ones on here defending a man like quinn …he is just a crooked man looking out for his own interests and if he does not pay up and help ease the burden on the taxpayer ..he should have everything taken from him and then we shall see what a “great” man he is……wise up dogooders and see what leeches quinn and co are

Martin O Donnell
Have read a lot about Quinn situation,and my understanding is he had passed all his companies and wealth to his children in 2002. The family home was even built by his adult children in 2005. Could you please provide the newspaper or source for the following.
“Houses here and abroad ” as above his children own the home and according to the documents provided to the Bankruptcy court in Belfast he owns no property. Anglo have not disputed this, so have you information that could help Anglo get money back from the taxpayer?
Anglo according to media reports are selling the Quinn Group helicopter. Is Quinn hiding a helicopter that you know off, again this would be helpful to Anglo if you can tell them where he is hiding his private helicopter.
I have never heard of a yacht again please provide details. Tax payers have a right to know. We better tell Anglo, am so glad you will be able to help Anglo recover some of this money. These Boards are supposed to be for intelligent debates, not irresponsible comments.

Loise jeez are u in love with this SOB he is a director on a number of companies and boards in ireland and probably elsewere he is still a very wealthy man …i cant understand people defending the likes of him…get real this man deserves everything he gets …lock him up and the others and throw away the key

Martin,
Are you now admitting your previous post was a pile of bull****. No basis at all for your houses, helicopters and yachts. It is people like you who are begrudgers and have no want,will or desire for the truth. Its all everyones fault is’nt it.

I am most certainly not in love with Mr Quinn, but I have a sense of fairness and a wish to know the truth. I also have a strong belief in our Court system. It is for that reason, I again take issue with your comment “probably elsewhere he is a very wealthy man “. Quinn has signed sworn affadavits stating his net worth. Until it is proven otherwise I will believe him. If he is lying then he has commited a crime and will do time for perjury.

I note you have no issue believing everything Anglo is saying and please advise what they have done to deserve your loyalties.

Oh i think u have a soft spot for him and his coworts..people like him brought us to were we are and if can get away with defaulting on s loan of that size im sure he has no problem hiding money from the courts …how can he still have all the trappings of wealth if he is so poor and the only thing i begrudge is that if i knew that you could borrow vast sums of money and not have to pay it back i would have done so….its people like you who put these people on pedestals and then shy away from damning them no matter what they do …..

Aaaah Martin, just as I expected a pile of rambling unsubstantiated rubbish, and your not even big enough to admit your earlier fairytales of yachts, houses and helicopters was just you reading out your Santa list.
If you had anything factual or interesting to comment you would have answered my questions. So I will leave you to your dreams of yachts and faraway places zzzzz

Oh louise a few people here have substainated my claims he still has his mansion cars private jet and a yacht abroad and circa 500 million property portfolio read the papers surf the net its all there …i will leave you with your fantasies of a sqeaky clean mr quinn …dream on and open your eyes and mind to whats hsppening

If he had his businesses he would pay back. As usual things are done arse ways in this country.
1. Take his businesses
2. Ask him to repay billions

How the f*ck does this make any sense what’s so ever.

There are thousands of people unable to pay their mortgages, their on the dole. So you’re saying they should be taken off the dole and forced to repay their mortgage? Where is the common sense?

It would make sense if you were a policy holder in Quinn Insurance derek. It was an Insurance company not a production line for fake jobs.
If Quinn had not jeprodised the future of his business interests along with the welfare of his policy holders and staff by gambling with ‘contracts for difference’ in Anglo things might have been different. Quinns greed and stupidity almost had his employees on the dole and his customers robbed and broke.
This country is littered by failed boom era chancers who thought they would rule the world by taking a few lorry loads of gravel out of a field.
We won’t mention pyrite.

either pay up or go to jail…the courts are sending people to jail for tv licence offences and non payment of loans etc …why should quinn be allowed get away with it ….he borrowed an obsence amount of money …tough shit ….jail the SOB …

I’ve been following the story.

I’ve been unable, like the rest of the country outside Beal Bocht’s immediate family, to figure out where the 200 million dollar Russian portfolio ended up (rumoured to have been sold for a grand and an Apple iBook, to Quinn’s cousin!), why he felt able to claim bankruptcy in the North, while listed as the director of almost a hundred entities down here, where the hundreds of millions he reportedly gifted to family members just before the end, finally ended up, and why he decided to play roulette with an insurance company, in a move where he was fined millions for loaning money from Quinn Insurance to another one of his companies, in a disgusting breach of trust levelled at the hundreds of thousands of customers the company had at the time.

This is all on the record, and why anyone can still blindly support this guy is beyond me.

Ryan Murphy. I too have been following the story and I have the following questions for you.
1) If Anglo had security over these properties, how did Quinn sell them ?
2) In Quinns Belfast bankruptcy he stated, He lived in Cavan but was born, reared and worked every day of his life in Fermanagh. Why shouldnt he apply in the North ?
3) Do you honestly believe that a pile of accountants and bankers are capable of running large manufacturing factories in Cavan and Fermanagh ?
4) It is after all also on the record that the factories made €112 million profits last year ( in the height of a recession ) and in 7 months Anglo have downgraded profits 3 times to 70 million. How is this good for employees, Jobs or Taxpayers ?
There is also a bigger picture here,and, I for one am looking forward to the Court Case, I reckon yours and my questions will hopefully be answered.

Louise;

1) Quinn was able to sell and transfer assets because he did so prior to Easter of this year, when Anglo as it was, through its own receiver, took control of Quinn, at least the bulk of it which was owned by the Quinn family. Much of what he did is still shrouded in mystery, at least inasmuch as while we know whats missing, we don’t know where it went.

2) Because he is not only running away from his responsibilities (at his age, twelve years could be a lifetime), but he is doing so dishonestly. He has lived in the South all his life, and has all his business dealings here, check the CRO if you don’t believe me. With apologies to those reading from the six counties, I’m reminded of Wellington’s famous rebuttal when reminded of his Irish birthplace, that just because one is born in a stable, doesn’t mean that one is a horse.

3) I believe that the company is now in better hands than in those of Sean Quinn. He didn’t exactly cover himself in glory, did he? Couple that with the likelihood that, given that Quinn Group is in receivership, we’d have to pay his wages to run the thing anyway.

4) I’d imagine that the figures now paint a more honest picture than what went before. In other words, see (3).

Ryan, again you seem to be very up to date on the whole saga, but I have to point out the following
1) Irrelevant, If Anglo had security he would not have been able to sell or transfer assets, any more than I can sell my house without my bank (which holds the mortgage) giving the ok. So if Anglo had security how did he do it ?
2)Of all the points we are discussing this one I am 100% sure off. Quinn lived the first 30years at least of his life in Fermanagh. He also worked all his life in Derrylin, and captained the Fermanagh team. So you are wrong there. He is also a director of dozens of companies in N.Ireland, and his business’s were spread accross Cavan and Fermanagh, but he always worked out of Quinn Groups head office in Derrylin.
3&4) Silly response. If the companies paid taxes on 112million then they made 112 million. If you honestly believe bankers from Dublin can run the business’s better than the man who built them and secured the customers you are not looking at the bigger picture.

Louise, the Quinn Group consists of, I believe, ninety odd companies. The Quinn family was the majority shareholder, until KPMG stepped in and took over the show. The bulk of the debt to IBRC consists, or consisted of, CFDs for Anglo shares, giving Seanie and his bejewelled brood about a quarter of what was Anglo Irish Bank.

Now, as you seem to be close to the coalface here, as it were, you will know that Sean Quinn gave PERSONAL guarantees for those CFDs. So he was, until April of this year, free to do what the hell he wanted, for all intents and purposes. And it seems he did so.

To use your mortgage analogy, Quinn would have had to put the entire Quinn Group up as security, which, under any rational lending procedure, he would have been obliged to. As we know now, Anglo was not a rational lender.

Now, we can spin to and fro about Quinn and his habitual place of residence and business all we like, but two key facts remain. His debts are in the South, he has claimed bankruptcy in the North. There is a twelve year process to purge oneself of bankruptcy in the South, in the North it is a mere twelve months. Do you still hold that he went to Belfast because the majority of his business interests and his residences were based in the North? Because they were not and are not, and no amount of spin is going to make that so. Returns filed for ninety five companies listed Quinn as director, and business addresses in the South. The man lives in a mansion in Co. Cavan! One wonders how he keeps the light on there, when one newspaper article last week reported him as saying he was down to his last ten grand!

With regard to the reduced company profits you keep referring to, it’s surely logical that a leaner company, purged of its debt burden, and run with honest accounting and executive practices will have a more credible and realistic balance sheet than one run in the manner in which Sean Quinn ran, for example, Quinn Insurance, which was fined millions of Euro for illegal practises as recently as two years ago, when three hundred million was rustled up from QI’s reserves in an attempt to obfuscate the borrowings made to purchase Anglo shares.

One needs to look outside of Sean Quinn’s business empire however, and at the effect his actions have had directly on this country’s finances. The financial burden he has placed on the state through chasing gambling losses and greed would, for example, cover the bulk of what this years crippling budget, which we have been discussing and worrying about for weeks, will have to save through cuts or recoup through taxation.

Now, who’s not looking at the bigger picture?

If Quinn handed over all his companies, Assets and wealth to his children in 2002 (undisputed) why did Anglo give him money to buy their shares with no security.

The Quinn Group is in Derrylin, Cement, Glass, Radiators, Plastics etc,etc all based in Northern Ireland . Operated from Derrylin from the office in which Quinn worked every day. FACT.

Quinn Group is not leaner. It had debts of 1.2b. This has now been split into 400m and 800m. Totalling 1.2 which is still owed in its entirity. Annual interest has now gone from 30m a year under Quinns management to 90m under Anglos management. As customers are still leaving the company will now make less than 80 mil as opposed to the 112m previously. So now Group cannot even pay its interest so it is only paying interest on 400m while the interest on the 800 is being rolled up, increasing the debt.

End result. Job losses, destruction of profitable company, desolation in border counties, windfalls for accountants, acturies, longer dole queues, lower tax revenue.
Now who’s not looking at the bigger picture?

Ryan, I agree with you, however Those in Anglo who gave him the ‘loans’ should be pursued by the courts, what’s your view?

I agree one hundred percent, Frank.

45 for 20p poker has a nasty ring to it

He claims that he doesn’t have to repay the IBRC (Anglo) debt as it was given to him illegally.

The mind boggles, it really does.

How do you mean he gave all the money to his family Oskar ? Do you know something the rest of the country doesnt ? “Hunt them down ” You make my blood boil with your ridiculous post. We all know the family are taking a case against Anglo, when the case comes up I’m sure they will be there, I doubt there will be any need to “hunt them down “

There are a fair number of newspaper articles detailing the stealthy liquidation of the Quinn family’s property portfolio, worth an estimated €500 million Louise, if you care to look for them.

According to Drumms interview in the Business Post yesterday he said ” Quinn got no advice , he will tell you that himself ” later on in the article he goes on to say Quinn did not understand how a CFD worked. He also admitted it was Anglo with the knowledge and backing of the Central Bank, Regulator and Dept of Finance who organised the Maple 10 deal. I used to be neutral, but over the last few months I have definatly turned to Quinns side. I have a feeling when this Court Case comes up, a lot of skeletons will come out and Anglo’s PR no matter how good wont be able to stop it.

So stupidity is a defence when the stake in his gamble was the welfare of hundreds of staff and thousands of policy holders?

I expect it was beyond him to realize the effect his stupidity would have on the national economy so I’ll be charitable there.

I do think however that like many of his type who grew up during the boom that their inflated sense of self importance led them to think that they cut deals with the likes of Seanie and Drumn et.al. who after all were seasoned sharks well used to the murky depths of crooked economics and were only waiting for a great mullox like him to walk in the door with a few political grafters at his helm.

John.
Quinn did not grow up during the boom. He started his business in the early 70,s in the height of the troubles, he grew it every year, through the 80′s recession for 30 years before the “boom”. This was not a man who started to speculate on property during the boom. He does deserve some credit, and is not and never was a developer.

I totally agree with you that stupidity is no defence. I simply want to hear what happened. Not a big PR campaigne by Anglo telling us what they want us to believe. I want to know it all, just like I want to know exactly what happened on the bank guarentee night and the maple 10 transaction. I do not believe what Anglo are saying, simply because it doesnt make sense. There are two sides to every story, and I believe we are only hearing one.

At the end of the Court Case I could hate Quinn as well, but at least I will have a reason. I will not be basing any of my opinions on speculation or sensationalism.

Thanks louise,

Your point is well put.

I was a bit of the mark on the ‘growing up’ bit.

The point I was trying to get across was the the bulk of his business portfolio was accumulated during the boom years. Like many a quarry operator he struggled through the eighty’s and so on until the pace of the economy during the last decade carried him into lulu land where he lost the run of himself. He got overconfident and carried away with his own idea of, what he thought was, his own success. And that is my point. It wasn’t. It was greed and and arrogance that it was built on and that is obvious from the stupid decisions he made with money that only existed in some bond dealers head but was nonetheless tied into the pensions and polices of his insurance company and by extension the Irish public.

Like yourself I’m intrigued at the goings on and I’m sure we’ll get some enlightenment from the hidden depths.

well said