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Quinn leaves firm for a second time as advisory role is brought to an end

By Robin Schiller

Published 20/05/2016

Mutual agreement: Sean Quinn has parted company with QIHL
Mutual agreement: Sean Quinn has parted company with QIHL

Former business tycoon Sean Quinn has left the business he founded for a second time following a mutual agreement with management.

Quinn Industrial Holdings Limited (QIHL), a consortium that bought much of the former Quinn empire two years ago, said a consultancy agreement that last year saw founder Sean Quinn and his son Sean jnr come back to work as advisors to their former business has ended.

"As time has progressed it has become evident that Sean's expectations for his role and the ownership structure of QIHL are at odds with the strategic direction of the businesses," the Board of Directors said.

"Accordingly, it has been mutually agreed between the parties that QIHL's consultancy arrangement with Sean Quinn and Sean Quinn Junior will be discontinued, albeit Sean will have continued access to office facilities for his own personal use.

"The Board of QIHL is pleased that it has been possible to reach agreement on this matter and we were keen that staff should hear the news directly from the company."

QIHL had brought Fermanagh man Mr Quinn back into his former family business for the first time since it was taken over by receivers appointed by the former Anglo Irish Bank. But relations between the two sides had become strained in recent months over the extent of Mr Quinn's role within the business.

A spokesperson for Sean Quinn did not respond to a request for comment when contacted. The spokesperson was also asked if the decision to terminate Mr Quinn's involvement with QIHL was in relation to "abusive" threats received at one of their premises' last year. They had not responded to this query at the time of going to print.

Sean Quinn Snr previously issued a statement in which he criticised "abusive" threats directed at his former business interests - now run by QIHL.

The former Quinn group of companies has received various threats and attacks since Mr Quinn's empire collapsed in 2011.

Sean Quinn lost control of Quinn Group and was bankrupted as a result of losses after his massive gamble on Anglo Irish Bank shares following the bank's collapse into a bailout and nationalisation in 2008.

The finances of Quinn Group and Anglo Irish Bank had become damagingly linked as a result of the share investments, made through secret trading in so called contracts for difference.

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