Former Quinn chief was given £1m golden payout
Published 28/02/2012 | 08:00
Liam McCaffrey, former chief executive of the Quinn Group, received a golden payout after he left the glass-to-insurance conglomerate in April 2011.
McCaffrey pocketed €1.4m (£1.17m) plus other perks - despite the Quinn Group turning in a pre-tax loss of €852m (£716m) in 2009, the last year he was in charge of the company answering fully to Sean Quinn.
The scale of the losses in Quinn Insurance, a key subsidiary of the group, forced the Financial Regulator to place the division into administration in March 2010.
At the end of last year, the Irish government imposed a 2% levy on all general insurance policies in the Republic in order to plug a hole in its reserves estimated earlier this month at €775m (£651m).
Mr McCaffrey, as chief executive of the group, reporting directly to Sean Quinn, did help turn the Quinn family's empire into a conglomerate generating revenues of €1.8bn (£1.51bn) a year.
However, movements of vast sums within the group, and other business decisions, taken in 2007 and 2008, to pay for Sean Quinn's disastrous gambling on Anglo Irish Bank shares, are now the subject of a number of investigations.
The Quinn Group's 2010 accounts said it had engaged 'external consultants' to review the circumstances of these decisions and Mr McCaffrey, as a former chief executive, will be asked to assist with this process.