Quinn 'devastated' as he heads into retirement 'penniless'

Rodney Edwards • Published 19 Jan 2012 13:00 6 Comments

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FORMER Fermanagh businessman Sean Quinn who was declared bankrupt in the Republic on Monday says IBRC, the new name for Anglo Irish Bank, want to "destroy" his name and leave him and his family with nothing.

Mr. Quinn's comments come as speculation mounts that his wife, Patricia and five children, Colette, Ciara, Aoife, Brenda and Sean Junior could be made bankrupt next, and that he will lose his Ballyconnell home.

In an exclusive interview with The Impartial Reporter this week, Mr. Quinn has:

• claimed he is heading into retirement "penniless".

• hit back at IBRC for what he describes as their "Sean Quinn hatred", accusing them of "ripping off the country" and "destroying" his former company.

• claimed that ever since he lost control of his multi-billion euro empire it is losing an estimated £40 million EVERY WEEK and has lost four billion in value since March 2010.

• described organisations now involved in his former business as "like vultures feeding off a carcass".

• declared his beloved Quinn Group "dead and gone".

The 65-year-old says IBRC, who he still refers to as Anglo, has informed him of their intention to try and recoup the €2.8 billion they say he owes them and he says they are after his home.

Speaking for the first time since being made bankrupt in the South earlier this week, Mr. Quinn described Monday's judgement as "devastating" for him, and said it was something that he had hoped would have been avoided.

"Because I haven't owned any companies or businesses since 2002, the assets that can be taken from me are minimal, however, I feel that the fact that I am now bankrupt has ruined my reputation which I built up over many years through a lot of hard work. I am now heading into retirement penniless, and I'm very sad that it has come to this," he said.

Mr. Quinn believes that the huge debts "will never be paid back" now that he is no longer in control of his global insurance, manufacturing and property businesses. He says he simply cannot pay them.

"Every opportunity that they (IBRC) get, they say, do you realise that Sean Quinn borrowed €2.8 billion? That is just not true. Anglo gave the Quinn companies €2.3 billion to support Anglo's own shares, because of their fear that their bank would collapse. I signed personal guarantees on all of Quinn Group borrowings, and that is how I became bankrupt. I no longer own or control any business, they have taken my tools from me, so I no longer have the means of paying back any money", he said.

He claims that by March 2012 IBRC will have taken four billion of wealth out of the Quinn Group of companies.

"The companies have lost four billion in value since 2010, they are losing €40 million a week now; that's the taxman who is losing that. People will say I am talking about hysterical figures but I wouldn't have forecasted this 12 months ago. I said two years ago that bringing in the administrator [to Quinn Direct] was one of the worst decisions in the history of the State. People laughed at that but I think they are laughing less at that today, and will laugh even less again in a year's time," he said.

Mr. Quinn accused IBRC of having a "personal vendetta" against him, a claim IBRC have denied this week.

"I can't get to the bottom of it; I don't understand why it makes such a difference to them where I am bankrupt, and I don't understand why they spent so much taxpayer's money needlessly. My statement of assets is exactly the same whether it's being read north or south of the Border. When Anglo talks about the process being cheaper in the south, it makes no sense to me. I have owned no assets since 2002, so their prospect of recouping anything, in any jurisdiction, is zero," he said.

The businessman, who is planning a tell-all book, says he is adamant that the "truth will come out" eventually.

"The story they (IBRC) have told is that if the regulator hadn't put an administrator into Quinn Direct it would have went into default. If they hadn't put a share receiver into Derrylin it would have gone into default. The facts are that Quinn Direct was never in default, it was solvent, it was a very profitable company, and it increased its cash by £215 million in the 15 months before it went into administration. Back early on when Quinn Direct went into administration a certain individual from RTE said 'Regulator one, Sean Quinn zero', I think that mindset says it all".

And he described the annulment of his bankruptcy in Northern Ireland last week as "fairly irrelevant", but admitted he was shocked by IBRC's move to reverse his bankruptcy in the first place."I went for bankruptcy in the north on the basis that I worked in Northern Ireland all of my life. I was born here and lived here for 32/33 years before moving to Ballyconnell. I worked every day, 300 days a year, in Derrylin so to me, that was my centre of main interest. It never even occurred to me that there might be any risk to that because the world and the crows knew that I always worked here and never anywhere else so it came as a shock when Anglo contested that".

He added: "As far as I'm concerned, it was a huge waste of taxpayer's money, but there's a lot of taxpayer's money being wasted in the Quinn companies. Between accountants, solicitors, actuaries, forensic and restructuring advisors, there are over 35 foreign companies giving their expert advice, and bleeding every penny from the company. They are like vultures feeding off a carcass. There are also some Irish companies doing very well out of the situation; the security and PR companies are getting enormous fees on a monthly basis, and it now appears to be a free for all. I find it ironic that these huge fees are being taken from Quinn companies to pay for a big PR campaign against me. It would be funny if it wasn't true", he added.

Mr. Quinn believes that the Irish Government, which he says has a 75 per cent stake in the Quinn Group, "don't know what's really going on".

"We had one and a quarter billion of borrowing in Derrylin and we paid interest on that every day. We never had a problem paying that. Now Anglo are having problems, rather than paying the interest on one and a quarter billion, they are only paying the interest on £475 million and nobody is kicking up; everyone seems happy with that. Do they realise that the interest is just rolling up on the rest, and increasing the debt? People think 'Oh, they (IBRC) are doing a fantastic job, they are saving jobs, and the company would have went bankrupt only for them'. And the public and the media are falling for it, and that just beats me. That's not my story, that's a fact.

"The guys that are now running the Quinn Group are getting £1,000 an hour. Some of the guys representing Anglo in Belfast two weeks ago were getting £4,000 an hour. I think that between 2010 and 2017, hundreds of millions will be spent on advisors to the Quinn group of companies. That's money from the Irish taxpayer, and nobody is saying anything about it," he said.

Before he lost control of his company, Mr. Quinn planned to expand. He says he had planning permission for a new plastics factory in Ballyconnell, planned an extension on the packaging plant, had planning permission to create an alternative waste programme on the cement factory, planned a new chemical plant in Germany, and was expanding Quinn Direct. He says the projects would have created 1,000 new jobs.

"I was always a business man. I enjoyed what I did and would do many of the same things again; though obviously I have learned a lot. The company atmosphere and the business meant everything to me. I was very proud of having such a diverse range of businesses. Some businesses are very isolated and stand very much on their own. The Quinn businesses were almost all inter-related and fairly dependent on one another, that made for a close knit group of employees and I believe a wonderful work environment.

"We had a job for everyone, no matter what your skill-set was; if you wanted to work in a hotel we had a job for you; if you wanted to work in financial services we had a job for you. if you wanted to work as an accountant, a secretary, or in the quarry, radiators or glass we had jobs for everybody; male, female, educated, uneducated. I think that's what made us successful. We built up a great rapport with the locals. That's all dead and gone now. Everybody I meet, whether they're a Quinn employee or not, talks of a change of atmosphere and a lack of trust in the community," he said.

The Derrylin man says he continues to be grateful for all the support he has received from local people in Fermanagh, Cavan and the surrounding area.

"I'd say there is more support for the Quinn family in the last two or three months than there has ever been and the reason for that is that I think it's beginning to dawn on people that there is something fundamentally wrong. We have had thousands of letters over Christmas. People are even more supportive now than they were a year and a half ago," he said.

Asked about his future potential endeavours, Mr. Quinn said he had no definite plans yet, but added: "Although Anglo have ensured that I can never create another job, or contribute to the country as a businessman, I can and will continue to contribute to my community as I have always done. I have a wealth of knowledge and experience which I want to put to the best possible use," he said.

This article appeared in Impartial Reporter 19 Jan 12

Have your say. Post a comment on this article.

peterabc
1 post
Jan 20, 18:41
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poor, poor, pitiful Sean. when it goes bad it is the fault of everyone else; when it was going well it was all due to the great businessman Sean Quinn. step up and pay as much as you can of your debt and stop hiding assets overseas Sean and then we might listen to what you have to say.

Recommend? Yes 19 No 23
smokeytdi
1 post
Jan 21, 00:50
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i assume you or any of you family do not work for the quinn group peterabc? i also assume you have not benefited from the growth of the quinn group over the last 20 years. you are lucky to be so self sufficient. drive through derrylin, lisnaskea, enniskillen or ballyconnell, have a wee look around and then cast your mind back 20 years. these areas certainly would not have experienced the growth they did without the quinn group. maybe he made mistakes but there is no doubt he was the driving force behind the development of fermanagh and has been made an example of by the irish government.

Recommend? Yes 18 No 13
ymond747
6 posts
Jan 23, 11:49
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i heard on the news the quinns have property and business interests all over the world which are worth a fortune and are the reason behind getting him declared bankrupt in the roi as he would be barred from business for 12 years, and this would force him to repay some of what he owes. i believe his house is in his childrens names!

greed makes people make bad judgements especially when they have more than enough money.

Recommend? Yes 6 No 7
Teemore58
1 post
Jan 23, 11:56
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There were seven in my family and six went to England to work and I had to go to Dublin. There were no jobs in that area before the Quinn Group and full credit has to be given to the Quinn Group. Sean Quinn has told the truth, he made a mistake, he got carried away with the "boom" - he readily admits this BUT he is also trying to tell the truth about what went on with the Anglo deal. I'd advise people to listen to the truth before they condem. Remember he who is without sin may cast the first stone!!

Recommend? Yes 15 No 6
patgil
2 posts
Jan 24, 00:52
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This is a grave injustice perpetuated against the greatest job creaator this island has ever produced by decision makers with their own agenda who have no regard for the taxpayers or for jobs.

When Sean Quinn writes his tell-all book, it will no doubt be a best seller and it is more than likely that a blockbuster film on the scandal will follow. Most people believe the story will end with Sean Quinn being carried shoulder-high back to his company in Derrylin, where he belongs and that the people who facilitaed and manoevered this autrocity will be in their rightful place - behind prison bars. The taxpayers are currently paying their massive salaries etc. It will be much more satisfying to pay for their upkeep in jail.

Incidentally, why are all public representatives not asking why more that 50 companies(mostly foreign) are now being paid taxpayers money to advise on the running of the Quinn Group and are still failing miserably when onw man, Sean Quinn did this and did so superbly. Enough is enough! The people from the border counties have had enough.

Recommend? Yes 11 No 3
ymond747
6 posts
Feb 9, 14:56
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who put him in debt?

Recommend? Yes 2 No 1

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