No going back - Liquidator appointed to Quinn Group

The four daughters of Sean Quinn has described the move to liquidate the Quinn Group as a “calculated and sinister plan to ensure we will not be in a position to regain control of our businesses”.

The four daughters of Sean Quinn has described the move to liquidate the Quinn Group as a “calculated and sinister plan to ensure we will not be in a position to regain control of our businesses”.

A liquidator was appointed to the former holding company behind the Quinn Group of businesses previously owned by the five adult children of businessman Seán Quinn. Quinn Group (ROI) Ltd was wound up last month by the share receiver, Kieran Wallace of KPMG, appointed to the company by the former Anglo Irish Bank. Quinn Group was the ultimate holding company of a large number of firms which included the manufacture of cement and concrete products, glass and radiators and plastics, to insurance, hotels, property and financial services.

A new holding company, Quinn Group Holdco, has been set up to take control of the group and its ultimate beneficial owners are the syndicate of banks and financial investors.

The lenders to the Quinn Group and IBRC seized control of the Quinn Group from the Quinn family on April 14, 2011. Patricia Quinn and the five adult children have issued legal proceedings over the appointment of the share receiver to Quinn Group (ROI) and claim that €2.34 billion of the loans provided by the former Anglo Irish Bank are invalid as they were advanced to prop up the bank’s share price.

In a statement, Colette, Ciara, Aoife and Brenda Quinn said they were “truly shocked and outraged” at the liquidation. They described it as a “calculated and sinister plan to ensure we will not be in a position to regain control of our businesses”. The four sisters said it was “devastating” that “the company our father spent a lifetime building in the local area has been divided up and distributed like spare parts.”

“The actions are horrific in circumstances where the very legality of the takeover of our companies is currently awaiting determination before the High Court,” they said.

Quinn Group Ltd, the former holding company in Northern Ireland, has also been wound up as a members’ voluntary liquidation.

A statement posted on the Quinn Group’s website this week said “A number of other shell companies with no trading activity are expected to go through the same process in the coming months.” The statement said, “This has no impact whatever on our trading manufacturing companies.”

Speaking on TV3 with Sam Smith last week Aoife Quinn said their family did not have a “pot of gold” stashed under their beds. She also denied that the Quinns are the true owners of mysterious offshore companies in Panama and Belize which have laid claim to up to €500m worth of overseas properties in Russia, Ukraine and India. “You cannot give what you do not have. We do not have these assets, so we can’t give them back,” said Aoife Quinn.