Peter Quinn: THE FULL INTERVIEW
Published: 2 Aug 2012 13:012 comments
Peter Darragh Quinn is staying in Northern Ireland because he believes that he would face "pre-determined decisions based on corruption" if he returned to the Republic.
His father, Peter Quinn senior, says that his family won't be attempting to persuade him to go back, adding: "We do not believe there is any chance he will get fair play."
Mr. Quinn senior has spoken at length to the Impartial Reporter about the sense of injustice the whole Quinn family feels about their treatment in the Republic.
He says that the way the courts have demanded repayment while at the same time taking away Quinn business is like "choking off a man's air supply and then expecting him to breathe."
Peter Quinn says that the former Anglo Irish Bank, now the Irish Bank Resolution Corporation, was reporting a business model that it was not actually using; and began overtrading (in layman's terms trading too fast). They engaged in risky practices and when property values fell they were in real trouble and engaging in a number of questionable practices.
It was in the context of this that they tried to prop up the share price, because Peter Quinn believes, the value of the share price would determine the value of share option schemes that directors had. It was, he claims, in their interest to show the highest possible share price.
Supporting the share price in the way they did is illegal.
And, therefore, it is the Quinn case that the way they administered loans to them was illegal. If that was determined by the courts, the Quinn loans would be null and void.
"Money lent for share support is fraud and not repayable," insists Peter Quinn.
The problem for Sean Quinn and his family, is that the courts won't hear this case first.
"This should have been heard first, before the case against Sean," says Peter Quinn, who says bluntly that they are "shit scared" of doing so because too many people in high places have too much to lose.
He believes that if Sean Quinn won the case to declare the loans illegal, other claims of £15billion to £20billion would come forward.
He believes that the case against Sean Quinn and his family for defaulting on the loans is being run to drain the Quinns of resources to fight their case against the bank, hoping it would never come to court.
Says Peter Quinn: "There is a conspiracy to make sure he doesn't win the case, involving Anglo, the Government including the Department of Finance and the regulatory body, including the Central Bank.
"There is systematic and systemic collusion to make sure Sean Quinn doesn't win the case. That's why the whole series of side issues are being taken to court first, to dry up funds," says Mr. Quinn.
"And they are succeeding with the support of the national media, including RTE, BBC and the national dailies.
"People aren't being told the truth, that Anglo was involved in illegal activity, defrauding investors and overstating their balance sheet," he said.
"As the biggest borrower, Sean Quinn was the obvious scapegoat," Peter Quinn continued.
He said that the family had tried to retain those assets not funded by Anglo, they admitted that, and the family contend that they did not do anything further to put assets beyond Anglo.
But after being found in contempt by the court, he reveals that the Quinn family was prepared to talk to Anglo to reach agreement.
He reveals: "One of the defendants sent two letters to Anglo between the decision on contempt of court asking them to meet Anglo to discuss a path forward to purging the contempt. But Anglo isn't prepared to meet them.
"They're not interested in having contempt purged, they're only interested in finding a victim, a scapegoat.If the stalement continues, they will continue to have their victim," he adds.
When asked what position this left his son Peter Darragh Quinn in, he said: "Peter is back in Northern Ireland and he's not going back because he would face pre-determined decisions based on the corruption that I have outlined. His family will not be attempting to persuade him to go back.
"We do not believe there is any chance he will get fair play," he said.
When it was pointed out that this meant he would have to stay north of the Border, Mr. Quinn insisted: "He won't be going back.
"He's very unhappy and under a lot of pressure, but he can't stop living his life. He's entitled to go to football matches, as am I, without being photographed," said Mr. Quinn, a reference to the picture taken of the father and son together on Friday evening at Kinawley which appeared in a national Sunday newspaper.
He went on: "I don't believe he's fearful of prison, but Peter does not feel he was getting justice."