Total of £518.5m lent out to diverse range of subsidiaries
Quinn Insurance lent €592m (£518.5m) to other parts of the group to develop properties for pubs, hotels, industrial companies – even a windfarm, its last filed accounts reveal.
The biggest recipient was Quinn Property Holdings, which had €440.5m in loans at the end of 2008. Quinn Direct UK Properties received €54.9m, Quinn Direct Properties another €88.7m, and Quinn Financial Services Properties €8.5m.
In a complex web of financial arrangements, those companies then lent money to smaller subsidiaries, including Quinn Windfarm Holdings (€11.6m), Quinn Waste (€21.6m), Shamrock Public Houses (€24m) and Sofia Hotel Development Corporation (€9.3m).
The 2008 accounts also reveal Quinn ‘gifts’ of €75m to Barlo Financial Services in 2008 and, in 2007, €135m to Quinn Group Family Properties.
It was loans such as these that led to Quinn Group being fined €3.25m in October 2008, with Shaun Quinn personally fined €200,000.
At the time, the financial regulator said that the breaches related to contraventions of “obligations under the Insurance Acts and Regulations, including failure to notify the Financial Regulator prior to providing loans to related companies”.
No comments yet