Friday 20 October 2017

Ex-Quinn insiders join up for new venture

Tom Lyons

THREE of billionaire turned bankrupt Sean Quinn's most senior lieutenants have formed a new company called Performancepeople Partners in Northern Ireland.

The company lists Liam McCaffrey, the Quinn Group's former CEO; Dara O'Reilly, Quinn Group's ex-finance director; and Kevin Lunney, once the development director of the Quinn Group, as its directors.

It was incorporated in April with an address in unit 4 Enniskillen Business Centre in a clear signal that the three men intend to return to business together.

The shareholders of Performancepeople are listed as the wives of McCaffrey and O'Reilly as well as Limetree Management & Consulting, which has the same address as Lunney's home in Co Fermanagh.

It is not clear what the new business will involve, but all three men gained huge experience working with Quinn in sectors as diverse as glass, plastics and packaging, cement, radiators, hotels and insurance.

The three men were paid significant wages as senior executives in the Quinn Group and McCaffrey is known to have received a golden payout of about €1.4m when he left in April 2011 after 21 years.

McCaffrey and O'Reilly are expected to be key witnesses in the Quinn family's epic legal case against IBRC that will claim that the bank illegally advanced them hundreds of millions to prop up its own share price. IBRC strongly disputes this claim.

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