Tuesday 6 December 2016

Timeline

Published 16/04/2010 | 05:00

1973 - 2007: Sean Quinn forms the Quinn Group, developing it from a small quarrying operation in Derrylin, Co Fermanagh. Group undergoes massive expansion into a range of businesses including glass, insurance and hotels and expands across the globe to employ 8,000 worldwide. Its assets ranged from the Cavan-based insurance firm to hotels in Prague.

  • Go To

2007: The Quinn family invest heavily in now nationalised Anglo Irish Bank. The holdings -- eventually 28pc of the lender -- are built privately using complicated and risky stock deals known as contracts for difference.

2008: January - The Sunday Times Rich List estimates Sean Quinn's personal worth at €4.72bn.

July - Ten Anglo 'golden circle' clients are secretly approached to borrow €450m from the bank, to buy shares in the bank, to support its struggling share price.

October 24 - Mr Quinn is fined €200,000 and stands down as chairman of Quinn Insurance after breaching corporate rules by using money from a business to cover costs from the complex but ultimately doomed Anglo share deal. The insurance firm is fined a record €3.25m.

2009: January 14 - Anglo is nationalised with the €2.8bn Quinn family debts on its books.

2010: March 30 - New regulator Matthew Elderfield puts Quinn Insurance in administration, one of the strongest divisions of the Quinn empire. He claims the business is being run outside solvency rules.

March 31 - Sean Quinn says the Regulator's sums are wrong amid claims the insurance wing has a €448m black hole in its books. Quinn says it needs just €150m.

April 1 - Taoiseach Brian Cowen and Sean Quinn speak by phone at the tycoon's request.

April 6 - Thousands of workers and Quinn supporters attend rallies in Dublin and Cavan.

April 9 - State-owned Anglo moves in to strike a deal with the Regulator and potentially invest €700m of taxpayers' money in Quinn Insurance -- in one move it could secure the firm's future and potentially the €3bn debt Anglo is chasing.

April 12: The High Court adjourns plans to appoint full-time examiners to QIL.

April 15: Financial Regulator tells Quinn to stump up cash to plug the gap in QIL if he wants to save empire from administration.

April 16: Quinn dramatically abandons control of QIL, paving the way for a sale of the firm.

Irish Independent

Read More

Promoted articles

Editor's Choice

Also in Irish News