Tuesday 12 December 2017

Anglo offered to wipe out Quinn's family debt

Laura Noonan Banking Correspondent

ANGLO Irish Bank offered to let Sean Quinn's wife and children walk away from debts of close to €2.8bn if the family agreed to co-operate with the bank's takeover of their crumbling empire.

Under the deal, which was rejected, the Quinns could have gone on to earn millions from future business ventures without having to pay any of it to the bank to cover the unpaid debts.

A settlement offered by Anglo in April would also have given Mr Quinn and his wife €500,000 from the sale of their palatial family home, where they could have stayed for up to 10 years.

In return, Anglo wanted the family to sign over their interest in the Quinn Group and a €500m portfolio of international properties, and to agree not poach staff or otherwise "frustrate" the takeover.

The Quinns were also required to promise not to sue Anglo and/or contest the legality of the original loan agreements that backed Anglo's claim on their assets.

The deal would have saved Anglo from years of legal battles and millions in related costs. It would also have ensured the Quinns would not challenge the bank's claim on their assets.

An amicable settlement would also have improved the prospects of the Quinn Group, since customers loyal to the Quinns would have been more likely to support Anglo's takeover of the business.

The settlement was offered shortly after Anglo's April 14 move to seize control of the Quinn Group and international property empire, and to take over Quinn Insurance Limited in a joint venture.

At the time, Anglo had accepted that it would not back more than €2bn of the family's

Irish Independent

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