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Saturday 23 November 2019

Quinn refusing to tell Anglo what he owns

One-year-old twins Sean and Ryan Fitzpatrick wait for Taoiseach Enda Kenny in Drumshanbo yesterday
One-year-old twins Sean and Ryan Fitzpatrick wait for Taoiseach Enda Kenny in Drumshanbo yesterday

Laura Noonan, Anita Guidera and Peter Flanagan

EMBATTLED tycoon Sean Quinn is refusing to provide Anglo Irish Bank with details of everything he owns and everything he owes.

Sources last night confirmed that Anglo had asked Mr Quinn for a statement of his assets and liabilities at a meeting earlier this week.

But Ireland's one-time richest man has failed to provide the information or to commit to providing it in the future.

A spokesman for the Quinn family last night strenuously denied that the information had been requested.

Earlier, Anglo chairman Alan Dukes admitted that the bank expected to get back "less than half" the €2.8bn owed by Mr Quinn.

Mr Dukes said it was impossible to say how much could be recovered but that Anglo expected to reduce "very substantially" the €2.2bn provision it had already made for losses on the Quinn loans.

In Co Leitrim yesterday, enraged Quinn Group workers confronted the Taoiseach over Anglo's control of the Quinn Group and insurance company.

But Mr Kenny refused to offer them any prospect that Mr Quinn would be reinstated, saying things were "long past" that point.

More than 100 protesters from the Cavan, Fermanagh, Leitrim border area community-action group gathered in Drumshanbo to confront Mr kenny. Among the protesters were employees of the Quinn Group and Miriam McMahon, a sister of Sean Quinn, and her husband Tommy.

Padraig Donohoe, chairperson of the protest group, told Mr Kenny that Mr Quinn knew his customers, had never laid off any staff and should be reinstated to save up to 1,000 jobs.

The Taoiseach acknowledged that it was a sad day for Mr Quinn but said there was no turning back.

Meanwhile, Junior Minister Brian Hayes accused Mr Quinn of allowing "totally unacceptable management practices".

Speaking at a lunch for the Ireland-US Council, the minister defended the Government's position on the Quinn Group.

"The Quinn Group was brought down by reckless gambling on Anglo Irish Bank shares and totally unacceptable management practices.

"The Government faced a very difficult situation on behalf of the taxpayer to make some good from what has been . . . a gamble that went spectacularly wrong.

"The most important thing from the announcement yesterday and today is the jobs are secure," he said.

Mr Hayes added that the deal, which sees Anglo and US insurer Liberty Mutual taking over Quinn Direct, was "the best possible deal" for the bank to claw back some of its debts.

Irish Independent

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