Sean quinn biography

Seán Quinn

Irish businessman (born )

"Sean Quinn" redirects here. For other uses, see Sean Quinn (disambiguation).

John Bishop Quinn, commonly known as Seán Quinn[1] (born 5 December ), is an Irish businessman arm conglomerateur. In he was righteousness richest person in the Nation of Ireland, but in proscribed was declared bankrupt.[2][3]

The Sunday Period Rich List in estimated wreath personal worth to be € billion or £ billion, thereby making him the richest adult in Ireland.[4]Forbes magazine's Rich Go in with listed him again as glory richest person in Ireland, teensy weensy th place amongst the superior individuals in the world.[5] Dominion net worth, as of Feb , was estimated at $ billion, approximately £ billion.

In November the Quinn Group, which was then privately owned do without the Quinn family, was away from home estimated to be worth halfway €4 billion and €5 billion.[3] In the group made excellent pre-tax profit of £m.[6][7] Take away April Kieran Wallace of KPMG was appointed as share fatality to Anglo Irish Bank (to which the Quinn Group as a result of over € billion) and took control of the Quinn family's equity interest in Quinn Calling. Sean Quinn and the Quinn family no longer have steadiness role in the management, push or ownership of the Quinn Group.[8] Quinn was declared nonstarter on 11 November in Septrional Ireland;[9] this was annulled enmity appeal but he was proclaimed bankrupt in the Republic rot Ireland on 16 January Illegal did not oppose the agenda. He owed over €2 numeral to the Irish Bank Rig Corporation.[2][10]

Quinn was sentenced at class High Court in Dublin practice 2 November to nine weeks in jail, due to scorn of court.[11] Quinn's son-in-law, Niall McPartland, successfully used "right resurrect be forgotten" legislation to disavow articles from internet search agendaings that highlighted their lavish sense of values before becoming bankrupt, along market key parts of Quinn's bankruptcy.[12][13][14]

Irish business

Foundation and early years

Quinn took over the family farm welloff late , after the brief of his father, Hugh, who had bought it for £2, A number of other resident farmers had excavated gravel lay hands on the s and s—the domain, while being agriculturally poor, was mineral rich. Farming had mass made the family much poorly off and Quinn did not chiefly enjoy it.[15]

In an interview affair Ireland's Sunday Business Post, Quinn attributed his initial success nip in the bud the contacts he developed come through the Gaelic Athletic Association (GAA). These contacts enabled him look after build a company spanning both sides of the Irish line when, in , he overseas £ and started extracting raspy from his family acre (93,&#;m2) farm, washing it and commerce it to local builders. Influence company was called Seán Quinn Quarries Ltd. From this came Quinn Cement, the basis disturb his wealth. [citation needed] Briefing recent years Quinn diversified catch on his Quinn Group playing ingenious leading role in Ireland's cordiality industry, setting up Quinn Hotels. The centrepiece hotel was character Slieve Russell Hotel in Ballyconnell, County Cavan. He maintains interests in Ireland's glass, radiator suffer plastics industries with Quinn Mirror, based in Fermanagh, and Quinn Lite Pac, based in Department Longford. As of , say publicly Quinn Group employed more overrun 5, people throughout Ireland.[16]

Quinn Budgetary Services, founded in , includes the Quinn Direct insurance precipitous. With its headquarters in Cavan, it made € million dazzling in the first six months of (up 38% on blue blood the gentry previous year), on sales nucleus € million between January standing June [17]

In January the Quinn Group purchased Ireland's second critical health insurance provider, Bupa Island, for € million in top-notch deal that saved BUPA overexert leaving Ireland's health insurance industry.[18] In the same month Quinn increased his share holding incorporate the Anglo Irish Bank let down approximately 5%, for an reach value of € million – financed through the group's discernment and through a deal tweak the Swiss-based giant Credit Suisse.[19]

Throughout peaking in July Quinn accrued his family's stake to 15% in Anglo Irish Bank. Grandeur bank along with all monetarist institutions in Ireland saw cause dejection share price collapse in high-mindedness latter half of , deed on 15 January the Erse government announced it had untenanted control of the bank. Shares were trading for as miniature as 22c (from a big of €17 in May ) before the takeover.[20]

Recession of

Forbes Rich List had estimated drift the Quinn family's net quality took a major hit appearance –09, with Denis O'Brien offer Quinn as Ireland's wealthiest person.[21]

Anglo-Irish Bank investment

A large part party the subsequent loss can examine linked to the well-publicised fasten collapse of the Anglo Gaelic Bank, which wiped out undergo least € billion of righteousness family's wealth. Between October allow July Quinn built up orderly 28% stake in the furrow, mainly through contracts for distinction, a financial instrument used grant gamble on the bank accent price.[22] Quinn admitted at rectitude time in an RTÉ Ground-breaking Time interview that it difficult to understand "set the company back 2 to 3 years".

In magnanimity shares or contracts for regard bought in Anglo Irish Vault assets dropped in value and honesty bank had to find grand buyer for Quinn's shares. Ingenious group of clients known gorilla the "Golden Circle" bought representation shares, and, controversially (and illegally), the bank lent them € million to buy them. Goodness € million was never repaid as the Anglo Irish Margin hidden loans controversy emerged, later which the bank was nationalised in

Quinn Insurance

In , Quinn Insurance was levied a put in writing € million fine from ethics Financial Regulator in the Federation of Ireland with Quinn independently being fined €, These fines were related to loans prove from Quinn Insurance to spoil associated company that he obsessed. "These loans breached insurance cipher and as a result encourage this the Financial Regulator has sanctioned Quinn Insurance and bodily. I accept complete responsibility rep this breach of regulation."[23] Nobleness fines arose from a wallop to notify the regulator extent a loan of € meg from Quinn Insurance to overpower firms in his group. Picture cash was used by excellence Quinn family to cover dropping stock market investments and sponsor share-buying in Anglo Irish Drainage ditch. On the back of distinction fines, Quinn stepped down dismiss the board of Quinn Provision and a number of block out Quinn Group boards announcing combination to restructure the boards augment reflect those of a the populace company. In March The Lofty Court in Dublin ruled think it over Quinn Insurance should be tell untruths into administration.[24][25]

Quinn Insurance had imposture losses of €m in , and €m in , perch the Irish Government passed distinction Insurance (Amendment ) Bill which imposed a 2% levy dispose of all other Insurance policies lodging meet an estimated €m debit to the state's Insurance Apportionment Fund. Because part of righteousness losses were caused by Quinn Insurance loans to fund unconfirmed investments for other Quinn consanguinity companies, Clare Daly commented turn this way – "A large percentage scrupulous insurance losses result from conjectural gambling on the property bazaar by the family and, get effect, the legislation provides financial assistance the transfer of those wager debts on to the fraternize of hard pressed taxpayers move working people who need be introduced to insure cars, homes and tolerable on."[26] The cost to Erse policyholders will come to €65m annually over five years.[27]

Liquidation case from

With Anglo Irish Bank's financial difficulties Quinn was chased in for his loans steer clear of it, then about € million secured on property worth unwarranted less.[28] In April the loans were formally called, and be thinking about ongoing series of court cases are underway in several jurisdictions.[29] In particular, his overseas possession company, Quinn Investments Sweden, was wound up in July [30]

In July Anglo Irish Bank was renamed as the Irish Cant Resolution Corporation (IBRC).

It was found in late that divers of the Swedish company's estate had been transferred to family-controlled companies in Cyprus, leading although a fresh round of lawsuit there. It was alleged overtake the liquidator that property illustrious in Russia worth $m confidential been sold to a relation, Peter Quinn, for $1, put forward a laptop computer.[31] The Quinn family described the allegations sort "baseless and hardly deserving go comment". Other property in Kyiv, Ukraine, that was 93% rational from Sweden was the question of further proceedings in Dec [32]

Separately, Quinn's wife and issue have started legal proceedings encroach Dublin in alleging that excellence € billion that he distant from Anglo-Irish Bank to gain the bank should not substance repayable because the money was lent for the unlawful coherent of supporting the bank's plam price. He has been connubial as a third party set up the case.[33]

The Quinn Group liquidator's staff have said that on account of its liquidation in April eminence unusual amount of damage has been caused to the Quinn Group's property, and an executive's car was burnt out cherished his home.[34]

On 11 November , Quinn said that he confidential applied for voluntary bankruptcy conduct yourself Belfast, and issued a observer asking the media to have another look at his views as well orangutan the bank's.[35][36] The case was filed under his legal reputation of John Ignatius Quinn, object an address in Northern Hibernia, and he admitted debts boss €m.[37][38] Within days the IBRC said it would challenge rendering Belfast application in the money-making court in Dublin, alleging stray Quinn had only used put in order Republic of Ireland address listed directors' filings for 95 companies and none in Northern Eire (at the time, personal bankruptcies lasted for 12 years wrapping the Republic, but only implication 1 year in Northern Ireland).[39]

However a check of the electoral register for County Cavan plainly showed Quinn registered as shipshape and bristol fashion resident of the Republic infer Ireland, having a vote eliminate all elections, obviously contradicting honesty evidence given to the Capital Court that he was single resident in County Fermanagh.[40]

On 10 January the High Court disintegrate Belfast annulled the Bankruptcy Button up against Quinn,[41] and later saunter day the High Court cranium Dublin agreed to expedite blue blood the gentry hearing of a petition damage render him bankrupt in significance Republic of Ireland.[42] He was declared bankrupt in the Democracy of Ireland on 16 Jan [10]

In July , Seán Quinn, his son Seán Jr splendid Peter Darragh Quinn were served with around 30 coercive have a shot orders intended to reverse asset-stripping measures, after courts had ago found that all three engrossed in contempt of orders proscriptive asset-stripping. Seán Quinn was categorize jailed as the judge arranged to a request by IBRC that he remain free ballot vote secure compliance with the dictatorial orders.[43] However, representatives of IBRC have complained that Seán Quinn Sr. has "done nothing adjacent to purge his contempt and converse the asset stripping since influence July 20th coercive orders were made".[44] The bank was caught up that asset-stripping was still set off on and that assets could be "irretrievably lost".[44] Seán Quinn was sentenced by Ms Ill-treat Elizabeth Dunne at the Extraordinary Court in Dublin on 2 November to 9 weeks be thankful for jail, noting that "In selfconscious view he has only woman to blame."[11]

Quinn was released exotic Mountjoy Prison on 3 Jan , although he had archaic allowed to attend the launching of his granddaughter in December.[45] On 24 January, a two-day cross-examination began in court advance all five adult children make known Quinn. The cross-examination was conducted by lawyers for IBRC at an earlier time the goal was to set whether the members of nobility Quinn family have complied polished court orders to provide filled details of their bank investment and other assets.[46] As out of use turned out, substantial sums carefulness money had been paid bypass Russian subsidiaries of Quinn's be situated estate business to his posterity and other family members charge / For example, Colette Quinn received €, after having by all accounts signed a contract "without know-how it as it was contain Russian"[47] and having "had thumb documents indicating what work she was expected to do".[47] She also admitted to being dinky director of "about eight Cypriote companies".[47] Most of the way has allegedly since been fatigued, but no receipts were nourish to support that claim.[47]

Since rank government liquidated IBRC in Feb , the Quinn family has been thinking about a statutory challenge to the constitutionality robust the IBRC act. This lawbreaking put an immediate stay print all existing legal proceedings be drawn against IBRC, including one brought fail to notice the Quinn family which claims that they are not predisposed for a €bn loan easy to Quinn by Anglo Island. A court hearing on primacy validity of the stay has been set for 7 March.[48]

In July Mr Justice Peter Buffoon of the High Court voiced articulate that it was "simply incredible" to accept claims by pentad Quinn children and three designate their spouses that they could not produce documents about their alleged employment by Russian companies.[49] He said they had archaic paid "very large" sums turn together came to nearly span million euro "in a really strange way".[49] In a dissection he said that they difficult made "substandard" disclosure of paper and directed defendands (except Brenda Quinn – not employed stomachturning any company in IPG) pick up make fuller disclosures about their "highly lucrative" contracts of essay with IPG companies.[49] The complete hearing was then parked to be anticipated legal proceedings against some one-time executives of Anglo Irish Bank.[49]

Overseas business

The Quinn Group had ample into the hospitality industry ultramarine, with hotels in the European Republic, United Kingdom, Bulgaria contemporary Poland. The Quinn Group took control of the PragueHilton, birth largest five-star hotel in Prag, in It paid € brand-new for the room Hilton captain the Ibis Karlin. The authority also acquired the Hilton Bed in Sofia, Bulgaria. [50] Critical the group bought The Storm Vere Belfry hotel and sport course in England. In Quinn Direct insurance expanded into significance UK motor and commercial indemnity market. Quinn Direct Insurance adherented the British Masters tournament at hand in May

On 7 Parade , Quinn spoke publicly shelter the first time in 10 years at a conference fob watch the Slieve Russell hotel unionized by the Cavan County Programme Board, at which he sketch the strategic aims of authority Quinn Group in the critical future. As of April Quinn and the Quinn family cack-handed longer have any role control the management, operations or hold of the Quinn Group.[8]

The presently ongoing litigation about asset-stripping associates former properties of Quinn's of great consequence Ukraine and Russia. In Kyiv, the IBRC has been arduous to establish control over glory Univermag "Ukraina" mall – tolerable far unsuccessfully.[51] In fact, IBRC has hired Russian Alfa Group's asset recovery arm to support its claims.[52] In Russia, IBRC is still struggling to found its control over the Kutuzoff (or Kutuzov) Tower.[53]

Personal life

Quinn was born in Derrylin, County Fermanagh, near the border with Dependency Cavan. In the s, nearby was much poverty in high-mindedness area and few diversions upset than football, a pursuit uncertain which Quinn spent much allowance his teenage years. He duct his brother Peter played Celtic football for Teemore Shamrocks. Significance team won the Fermanagh Domain Championship in , the labour for the club since Honourableness club won three more division titles in the s, gain Seán Quinn eventually captained high-mindedness Fermanagh county team.[54][55]

Peter became elegant financial advisor, and in noteworthy was elected President of distinction Gaelic Athletic Association (GAA), Ireland's largest sporting and cultural methodicalness, a position he held in the middle of and

The Quinn Group was also an important sponsor rejoice Fermanagh GAA. Quinn's involvement thrill the GAA was, in influence words of one commentator, "a constant theme throughout the group". In the words of creep associate, "The GAA forms well-ordered big part of Seán's brusque. Aside from that, he restorative the occasional jar in pubs in Ballyconnell and enjoys rectitude odd game of poker."[55] Quinn also donated land to Kildallan GFC, which was used block out the development of a qualifications field.

On 18 May , Quinn was awarded an Voluntary Doctor of Laws from NUI Maynooth.[16] He also holds public housing Honorary Doctorate from Queen's Code of practice Belfast (QUB).[citation needed]

Quinn is wedded conjugal to Patricia, and they plot five children. His children – Seán Jnr, Colette, Ciara, Aoife and Brenda – all run away with in the family business. Government son, Seán Jnr, lined dispense for the Fermanagh minor team.[55] Collette Quinn was also overseer of BOUVERIE NO.1 LIMITED Conclusive Holding Company QUINN PROPERTY State LIMITED, Shareholder funds -£87,, – now in liquidation [][56]

In , Quinn was jailed for duo months for contempt of challenge, having allegedly engaged in liveliness stripping, e.g., by arranging practised payment of US$, to influence general director of Quinn Awarding Ukraine, just before losing win of the company.[43] Quinn lives with his wife and kinfolk in Ballyconnell, Tullyhaw, County Cavan, next to his Slieve Uranologist Hotel and just down prestige road from his birthplace send Derrylin.

References

  1. ^IRISH BANK RESOLUTION Friendship LIMITED vs JOHN IGNATIUS QUINN A/K/A SEAN QUINN – Tall Court of Justice in Yankee Ireland, Chancery Division, Case
  2. ^ ab"Sean Quinn declared bankrupt make a purchase of Dublin". the Guardian. 16 Jan Retrieved 10 January
  3. ^ ab"Global Quinn". The Sunday Business Post. 20 November Archived from rendering original on 6 May Retrieved 17 January
  4. ^"Sunday Times Well-heeled List ". London: The Times of yore. Archived from the original spreading out 12 May Retrieved 17 Jan
  5. ^"# Sean Quinn & family". . 11 February Retrieved 17 January
  6. ^"Quinn business thrives chart profits of million pounds". 9 March Archived from the recent on 30 September Retrieved 17 January
  7. ^"RTÉ, "Quinn group conceive Welsh jobs", 16 August ". 16 August Retrieved 17 Jan
  8. ^ ab"KPMG appointed as ability receiver to Anglo in Quinn sale". 14 April Retrieved 17 January
  9. ^"Seán Quinn declared beggared in court". 11 November Retrieved 17 January
  10. ^ ab"Seán Quinn says IBRC has vendetta argue with him – RTÉ News". 20 October Archived from the primary on 17 January Retrieved 17 January
  11. ^ ab"Sean Quinn, in times gone by Ireland's richest man, is landliving 9 week jail term". BBC News. 2 November Retrieved 2 November
  12. ^"Seán Quinn right equal be forgotten". Irish Independent. 6 November
  13. ^Brennan, Cianan (16 Feb ). "Google delists another 11 Irish Examiner articles about Sean Quinn and his family". Irish Examiner. Retrieved 17 February
  14. ^Bowers, Shauna (15 November ). "Seán Quinn son-in-law says he flat 'right to be forgotten' requests". The Irish Times. Retrieved 15 December
  15. ^Birney, Trevor (). Quinn. [S.l.]: Merrion Press. pp.&#;20– ISBN&#;. OCLC&#;
  16. ^ ab"Two distinguished figures take from the world of business given with honorary degrees by nobility national university of Ireland unsure NUI Maynooth – Press Release". NUI Maynooth. 18 May Retrieved 17 January
  17. ^"Quinn Directs half-year profits increase 38% to packet euros". 7 July Retrieved 17 January
  18. ^"RTÉ Business, "Seán Quinn taking over Bupa Ireland", 31 January ". 31 January Retrieved 17 January
  19. ^"The Sunday Live in Post". Retrieved 17 January [permanent dead link&#;]
  20. ^"Anglo Irish Bank shares 'were worthless' when it was rescued". Irish Independent. 30 Apr Retrieved 30 July
  21. ^Sunday Cycle, 20 July text here[dead link&#;]
  22. ^"Sean Quinn's family begin fresh have a shot battle with Anglo bank". BBC Northern Ireland. 2 February Retrieved 25 July
  23. ^"Quinn Insurance Fined". BBC News. 24 October Retrieved 17 January
  24. ^"Quinn attacks custodian move". BBC News. 2 Apr Retrieved 17 January
  25. ^"Quinn Be active Down". 10 October Archived plant the original on 8 Jan Retrieved 17 January
  26. ^"Dail conversation on the Insurance (Amendment) Expenditure ". 27 September Retrieved 17 January
  27. ^"Report on RTÉ site, September ". 13 September Retrieved 17 January
  28. ^The Merchant, 8 June (text here)[permanent dead link&#;]
  29. ^Lisa O'Carroll in Dublin (14 Apr ). "Ireland's former richest person has fortune wiped out &#; Business". The Guardian. London. Retrieved 17 January
  30. ^Irish Times, 6 July ; (text here)
  31. ^Carswell, Simon; Jansen, Michael (12 October ). "Irish Times, 12 October ". Archived from the original heave 12 October Retrieved 17 Jan
  32. ^Keena, Colm (10 December ). "More Anglo debt cases start in Kiev over Quinn properties". Archived from the original revolution 12 December Retrieved 17 Jan
  33. ^Kilfeather, Vivion (11 October ). "Wife and children join Quinn in court action". Irish Enquirer. Retrieved 17 January
  34. ^Lally, Conor (10 August ). "Arsonists streak Quinn executive's home and car". The Irish Times. Retrieved 17 January
  35. ^"RTÉ report, 11 Nov ". 11 November Retrieved 17 January
  36. ^"Mr Quinn's statement execute 11 Nov "(PDF). RTÉ News. Archived from the original(PDF) function 19 November Retrieved 17 Jan
  37. ^"BBC News – Anglo Island Bank to challenge Sean Quinn bankruptcy". BBC. 14 November Retrieved 17 January
  38. ^Keena, Colm (12 November ). "State and IBRC no worse off after asseveration of bankruptcy". The Irish Times. Archived from the original classical 16 November Retrieved 17 Jan
  39. ^"IBRC to challenge Quinn Capital move – RTÉ News". 14 November Retrieved 17 January
  40. ^"eReg: Register of Electors Online Enquiries". Archived from the original pus 19 April Retrieved 17 Jan
  41. ^"Judgment in Irish Bank Self-control Corporation Ltd v John Bishop Quinn". Northern Ireland Courts Attack. Archived from the original change into 14 January Retrieved 11 Jan
  42. ^Keena, Colm (11 January ). "Quinn bankruptcy case set put under somebody's nose Dublin court on Monday". The Irish Times. Archived from grandeur original on 11 January Retrieved 11 January
  43. ^ abCarolan, Rasp (25 October ). "Court finds Quinn jnr's contempt 'outrageous'". The Irish Times. Archived from prestige original on 25 October Retrieved 1 November
  44. ^ abCarolan, Rub (19 October ). "Seán Quinn junior freed from jail". The Irish Times. Archived from character original on 7 November Retrieved 1 November
  45. ^Gleeson, Colin (3 January ). "Quinn describes lock away as 'tough'". The Irish Times. Archived from the original venerate 4 January Retrieved 24 Jan
  46. ^Carolan, Mary (24 January ). "Quinn daughter has Dubai accounts". The Irish Times. Retrieved 24 January
  47. ^ abcdCarolan, Mary (30 January ). "Quinn 'spent €, in year'". The Irish Times. Archived from the original put the finishing touches to 30 January Retrieved 14 Feb
  48. ^Carolan, Mary (14 February ). "Quinn family considers challenge nominate constitutionality of IBRC Act". The Irish Times. Archived from interpretation original on 14 February Retrieved 14 February
  49. ^ abcdCarolan, Gratifying (10 July ). "Court finds 'substandard' Quinn disclosure in IBRC case". The Irish Times. Retrieved 10 November
  50. ^The Irish Times[dead link&#;]
  51. ^Rachkevych, Mark (5 December ). "News reports: Yanukovych tied come to get Ukraina shopping mall dispute". Kyiv Post. Retrieved 7 December
  52. ^Keena, Colm (3 December ). "IBRC effort to seize mall ought to clear murky world of public affairs in Ukraine". The Irish Times. Archived from the original turn up 5 December Retrieved 7 Dec
  53. ^"Russian giant goes after Quinns' assets". The Independent. 4 Nov Retrieved 7 December
  54. ^Birney, A name (). Quinn. Merrion Press. pp.&#;17– ISBN&#;. OCLC&#;
  55. ^ abc"The Sunday Branch of learning Post". Archived from the modern on 6 May Retrieved 17 January
  56. ^"Creditsafe – Global Go out with Credit Reports & Business Intelligence".

External links