Belfast Telegraph

Former billionaire Sean Quinn paid £358k by former firm

By Business Reporter

Former billionaire Sean Quinn has been earning €500,000 (£385,000) a year in fees from the business empire he once controlled.

The Co Fermanagh businessman, who is formerly Ireland’s richest man, is also seeking a stake in Quinn Industrial Holdings (QIHL), according to the Sunday Business Post.

QIHL is a cross-border business set up by supporters of Sean Quinn snr.

Around 100 new jobs were created in the last year alone after various Quinn assets were bought by Quinn Industrial Holdings.

QIHL spent an estimated €90m (£70m) buying building and packaging businesses formerly owned by the Quinn conglomerate.

International investors also bought other former Quinn assets, including windfarm projects. 

Last week workers at Vestas, which operates windfarms formerly owned by the Quinn Group, were warned to stay away or “face the bullet”.

And Mantlin, the owner of a former Quinn windfarm in the area, said it was “very concerned” about the message the incidents were sending out.

“As a European company which has invested in the Northern Ireland energy market, we are naturally very concerned about the message these aggravated attacks are sending out about investment in Fermanagh.”

The threats to Vestas followed separate incidents including sabotage of trucks owned by QIHL.

A spokesman for Quinn Industrial Holdings said it is “aware of recent incidents in the area”.

“Given the ongoing investigation we are unable to make comment at this time, other than to note our sadness and continued concern.

“Management at QIHL would like to add that issues such as this will not distract us from our drive to ensure that the company continues the strong growth which we have demonstrated in the first year. Close to 100 new jobs have been created, and a significant investment plan is being implemented.”

Belfast Telegraph