Belfast Telegraph

Fallen billionaire Sean Quinn now back working for the firm that carries his name

By Linda Stewart

Sean Quinn is poised to make a return to the new Quinn manufacturing business, which has been bought by a consortium of local businessmen and supporters.

The new owners have confirmed that the bankrupt former multi-billionaire founder of Quinn Group will return in an advisory role, according to the Sunday Business Post.

Once Ireland's richest man, the Derrylin businessman lost control of his businesses in 2011 as part of an ongoing battle with Anglo Irish Bank.

Today former Quinn Group chief executive Liam McCaffrey and his team are due to move into the Fermanagh head office of the operation after closing a €90m deal.

Along with former director Dara O'Reilly and Kevin Lunney, Mr McCaffrey returns to the helm of the group's cement factories, quarries, Tarmac, roof tile and insulating businesses and its packaging division. The new business, vacated by former owners Aventas on Friday, will be called Quinn Industrial Holdings Ltd.

Businessman and Fine Gael councillor John McCartin, who will be a board member at the new operation, said Mr McCaffrey was due to give his first orders as chief executive this morning.

"From the very beginning we had to come to an understanding with Sean that he would be supportive of that process, and we want to capitalise on that support from both community and customers, encouraging Sean to help us in every way," he said.

But he insisted the level of remuneration for Mr Quinn hadn't yet been agreed.

"None of that has been thrashed out at this stage, but you can't expect someone to work for nothing for the business," Mr McCartin said.

"He has been supportive up to now and we hope to capitalise on that in the future."

No other member of the Quinn family has been approached to get involved, he added.

Mr Quinn, who is being pursued for loans of €2.8bn by Anglo, spent nine weeks in jail for contempt of court over a scheme that put the family's €500m international property empire beyond the former bank's reach.

Background

Anglo Irish was the first Irish bank to seek a government bailout. It was nationalised in 2009 and its affairs taken over by the Irish Bank Resolution Corporation (IBRC). Mr Quinn's wife Patricia and their five children are now taking an action against the IRBC claiming it breached company legislation and market abuse regulations when it gave loans to the family in its former incarnation as Anglo Irish Bank. They argue that the purpose of the €1.8bn loan was to prop up the share price of the bank and the money would not have been drawn down if they had known the true state of its finances.

Belfast Telegraph

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