Belfast Telegraph

Sean Quinn's son 'paid £80,000 a year by coffin supplier'

By Staff Reporter

Sean Quinn jnr is paid about £80,000 a year via a coffin supplier in Co Cavan, even though he has no apparent day to day involvement in the firm, according to reports.

The company, in which his father Sean Quinn snr is also a director, is in Belturbet, close to the family's Fermanagh border home.

According to the Sunday Times, the arrangement was put in place by Quinn Industrial Holdings, which bought the former Quinn construction products business for about £70m in 2014.

The coffin supplier, SMC Products, is 100% owned by Seamus McMahon, whose family furniture business closed in Belturbet in 2011.

The company has yet to file accounts for 2015, but shows no activity for 2014. In a 2013 application to register as a company, it described itself as a coffin wholesaler, the newspaper said.

The Sunday Times also reported Quinn snr is being paid about £400,000 by Quinn Industrial Holdings for consultancy services. This is also routed through SMC Products, it said.

Sean Quinn jnr described the reports of the payments as "incorrect".

Quinn snr returned to Quinn Industrial Holdings as a consultant after the cement, plastics and packaging businesses were bought in late 2014.

Once Ireland's richest man, Quinn snr lost control of his business empire in 2011 after a disastrous gamble on Anglo Irish Bank shares.

A consortium of three international investment funds - Brigade Capital, Contrarian Capital and Silver Point Capital - backed by a management team of former Quinn executives and local businessmen, bought the businesses from the old Quinn Group.

A minority stake is held by QRBC, set up by local businessman Ernie Fisher and John 'Bosco' O'Hagan and John McCartin, a Fine Gael councillor.

Belfast Telegraph