Business Irish

Tuesday 12 November 2019

Quinn accuses Anglo of having ‘vendetta’ against his family reporters

Businessman Sean Quinn has today accused nationalised Anglo Irish Bank of having a vendetta against his family.

Mr Quinn and his family owe Anglo over €2bn mainly through a failed investment in the bank which the institution is now chasing.

"It is absolutely apparent that Anglo’s priority is to pursue a vendetta against me and my children," he said.

He also said the deal between Anglo and bondholders has increased Quinn Group's interest payments by over 300pc to about €100m a year.

In a statement, he said that prior to the April deal the interest figure payable on the €1.27bn of Quinn Group's borrowings was about €30m a year.

The former chairman of the Quinn Group also warned that thousands of jobs are at risk at his former companies, following a fall-off in trade.

In a statement, he alleges that 38 years of hard work have been destroyed by the bank in less than five months..

He also said that Minister for Finance Michael Noonan "appears to have been seriously misled last April when he stated that the 'deal' Anglo agreed with international banks and bondholders for the Quinn Group involved a substantial write-down of the Group's €1.27bn debt".

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