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I'm still most suitable person to run my former business, insists Sean Quinn


Desire: Sean Quinn

Desire: Sean Quinn

Desire: Sean Quinn

Fermanagh businessman Sean Quinn has claimed he was "stabbed in the back" by his former company.

Former owner of the Quinn Group, Sean Quinn Snr, has said he has been "trying all along" to buy back his company.

Mr Quinn was working with Quinn Industrial Holdings (QIH) in a consultancy role up until May 2016, when he and his son, Sean Jnr, left by mutual consent.

Speaking in front of hundreds of supporters in Ballyconnell on Tuesday night, Mr Quinn claimed he was prevented from buying shares in the company due to a clause inserted in a management implementation plan.

"This management implementation plan was to make sure that the Quinns couldn't get any of the business, and to make sure that the junior directors signed up the document that said you can't give your shares to Sean Quinn or to anybody else, you have to keep them yourself," Mr Quinn said.

However, a source close to QIH has insisted that "with any private equity funded management incentive scheme, shares cannot be transferred to any party without the approval of the owners and that applies equally to senior management as to junior management".

The source categorically denied that a clause applied directly to Mr Quinn.

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Mr Quinn insists he is still the most suitable person to run the company.

"I've been trying all along. I've said it a lot of times that I wanted to buy the company.

"I wanted to buy all of it," he said.

"I don't think there's anybody who'd make a greater success of it and I think it would pay more money back to the bondholders than any other man on this earth," he said.

"But it wouldn't be easy because there's a lot of destruction done and it needs major capital investment," he added.

QIH said yesterday: "Management from the company did not attend the meeting, which unfortunately appeared to be set on airing inaccurate representations of the company's prospects.

"Quinn Industrial Holdings DAC reported a 59% increase in pre-tax profits last year, and this year has seen a continuation of the trend of increased turnover, profits, investment and employment.

"Due to the hard work of the company's 830 staff the company's long-term future is bright."

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