Administrators purge Quinn family from boards ahead of sale
Quinn Insurance's administrators have purged the family and close allies of Sean Quinn from the boards of all the insurer's subsidiaries as they prepare the companies for sale.
A spokesman for the administrators last night confirmed that family and associates of the Quinn family had been removed from all 25 boards.
The administrators, who were given the power to control the boards when they were appointed by the courts in April, contacted the Quinn Group and arranged for an "orderly resignation" of most existing directors and the appointment of the administrators to all 25 boards.
"This process was carried out without any protest from the individuals involved," the spokesman stressed, speaking for administrators Paul McCann and Michael McAteer. The only exceptions to the cull are foreign nationals who remain on the boards of some non-Irish subsidiaries.
The boardroom changes were made to "ensure the interests" of Quinn Insurance were "fully protected" in the subsidiaries' operations. Administrators think it is "unlikely" that the subsidiaries will be sold to the insurance company's ultimate buyer, since the 25 companies include diverse assets such as hotels, a Derrylin wind farm and property companies.