Thursday 8 December 2016

Martina Devlin: Sean Quinn is costing the taxpayer -- he isn't a hero

Published 28/07/2011 | 05:00

Sean Quinn poses outside his company headquarters in Ballyconnell, Co Cavan, last year
Sean Quinn poses outside his company headquarters in Ballyconnell, Co Cavan, last year

'NO man will ever write a better tragedy than (King) Lear,' wrote George Bernard Shaw. In acting out the story of a powerful man whose foolishness and vanity led to his downfall, Sean Quinn may just have trumped Shakespeare's creation.

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Once Ireland's richest man, Quinn is currently its most indebted. The family owes Anglo Irish Bank €2.88bn, while other lenders to the Quinn Group are due almost €1.3bn.

It must be a bitter pill to swallow for Quinn that his nemesis -- Anglo Irish Bank -- now effectively controls the companies he built up from scratch. But Anglo has been nationalised and those who run it have no connection with the Seanie FitzPatrick-David Drumm era. Today, the bank acts on our behalf.

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