Wednesday 7 December 2016

Quinn €1m a year family expenses

Mortgages, domestic bills charged to Group

Tom Lyons exclusive

Published 15/01/2012 | 05:00

The family of Ireland's former richest man, Sean Quinn, ran up bills of over €1m in expenses annually as their business empire was left with the cost of mortgages on their luxury homes and other expenses incurred by Mr Quinn and his five children.

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Every month the Quinn Group shelled out over €100,000 to meet the family's mortgages on homes in Cavan and Dublin as well as other expenses.

This included paying the mortgage bill for Mr Quinn and Patricia Quinn's home in Ballyconnell, Co Cavan. The house has an indoor golf simulator, a putting green, a 15-metre swimming pool, a sunken hot tub, a jacuzzi pool, a cinema and a snooker room.

Mr Quinn's five children -- Sean Jr, Aoife, Ciara, Collette and Brenda -- also had various bills relating to their homes in Cavan and Dublin paid for by the company.

Alongside mortgage payments, the company paid for TV packages as well as ESB, Bord Gais and other utility bills.

At least one family member had a company credit card used to buy designer clothes, meals, groceries and other living expenses to the tune of tens of thousands of euro.

The bills reveal how the family lived when they were considered the richest in the country with a fortune of over €4bn. They now collectively owe the taxpayer-owned Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, more than €2.8bn.

The Quinn family, who all worked in the insurance or hospitality divisions of the Quinn Group, also had access to a range of company vehicles including a 10-seater Dassault Falcon 2000 EX jet, with gold fittings; an eight-seater 2000 Agusta A109E helicopter and a BMW 650i convertible.

The Quinn family said last week they were satisfied that their expenses were in order.

The Quinn Group's generous family expense regime contrasts with Mr Quinn's salary which was less than €500,000 a year on average.

However, in the Quinn Group's last set of financial accounts under the control of the Quinn family for 2009, the highest paid director of the company was paid €1.2m, despite the company making a €950m loss.

Mr Quinn has refused to confirm or comment on whether he was the recipient of this bumper salary, which came ahead of the hundreds of jobs losses in the group.

Sunday Independent

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