Tycoon loses control of Quinn and its insurance arm in humiliating blow
Sean Quinn has been ousted from Quinn Group, meaning he will no longer have any ownership or management in Quinn Insurance.
Kieran Wallace of KPMG has been appointed as share receiver to Anglo Irish Bank to take control of the Quinn family’s equity interest in Quinn Group.
The deal to transfer shares to KPMG was struck after Quinn failed to repay 2.8bn euros.
Earlier today it emerged date there a joint venture between US insurer Liberty Mutual and Anglo Irish Bank has been agreed for the general insurance business of Quinn Insurance.
Finance Minister Michael Noonan said he welcomed the deal agreed by Anglo, funded by 30 billion euro of Irish taxpayers' money.
"I welcome the debt restructuring plan which has been agreed in principle between Anglo Irish Bank and the group's lenders," the minister said.
"This structure will enable the good and strong businesses to continue to trade and grow. It is particularly important that there will be no impact on employment, on trade creditors or on day-to-day operations of the Quinn Group."
Michael Aynsley, chief executive of Anglo Irish Bank said: “The Bank is owed an enormous amount of money by Sean Quinn and his family which they are not in a position to repay. The security on these loans is the family’s equity in the Quinn Group.
"It is in the interest of the Bank that the businesses in the group are healthy, well invested, have the capacity to develop, grow and produce profits for years to come. This in turn secures jobs. We have taken an approach which protects these businesses, putting them on a sound financial footing. They will run by the directors on a ‘business as usual’ basis. This, ultimately, paves the way for maximising the repayment of debt to the taxpayer over time.”
