Sean Quinn writes to his supporters
In an open letter to his supporters, Sean Quinn has thanked people for their “courageous” support of him and his family “in the face of the huge anti Quinn lobby.”
Written from his home address at Greaghrahan, Ballyconnell, Co. Cavan on February 7 he tells his supporters that their position “will be vindicated in time” and he is confident that they have the evidence to prove it in court.
“I have no doubt that your position (and ours) will be vindicated in time, as it will be clearly established that, when Anglo’s management was investing to support the Bank’s share price, with the full knowledge of the Financial Regulator, they were fully aware that there were major problems in the Bank. I am absolutely confident that the evidence that is and will be available to the Court will prove that.
“There is no doubt that this activity was illegal, on at least two grounds: firstly, it is illegal to support one’s own share price; and secondly, it is tantamount to fraud to mislead the market in relation to the financial strength of any such business” he wrote.
Quinn asks “how can Anglo/IBRC sue the former management and auditors, if they do not accept that they were acting illegally? And if they know that they had been acting illegally, why are they trying to hide that reality from our family and, more importantly, from the public? Is hiding the reality not compounding the illegality?”
“That is why I have no doubt that there is an attempt to cover-up this whole illegal episode. There are a number of facts that support this:
1. Why would they put a Receiver into our manufacturing businesses, when they had lent no money to those businesses? The fact that they would have known at the time that they had no chance of any financial recovery adds fuel to this theory.
2. Why would they have sacked the previous management team, including the CEO and Finance Director?
3. In addition, to ensure that I was also silenced, they contrived to have me made bankrupt in the Republic of Ireland, to ensure that when the case was heard, I would not be in a position to defend myself.
4. In September 2011, when we asked our legal team to meet theirs with a view to both parties co-operating with one another to recover the shopping centre in Kiev, why, if their focus was on recovering assets, was this offer rebuffed?
Was it because it suited them better from a PR perspective to continue the dispute?
5. Whilst the Director of Public Prosecutions has recently delayed the hearing of the case, until then why was Anglo consistently trying to delay its hearing?”
Quinn goes on to accept “we have scored some own goals and have thereby facilitated Anglo in their efforts to destroy us. I however, have owned up to my mistakes and I have accepted responsibility for my part in this sorry saga.”
“Do the other individuals and bodies that have been responsible for the destruction of our Group and our communities not need to explain their actions, as it has already cost the Irish taxpayer over €4 billion? It is not inconceivable that it will cost the same again over the next five years. All this against a background where we had the capacity and the willingness to pay back all of the debt, including the disputed debt, and in fact I wrote to Mr Aynesley in February 2010 outlining to him that his debt would be reduced by €400 million at the end of 2012,” he states.
Sean Quinn signs off the letter and again thanks people for their support and wishes them health and happiness in these trying time.
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Weather for Carrick-on-Shannon, Ireland
Saturday 25 May 2013
Temperature: 9 C to 15 C
Wind Speed: 13 mph
Wind direction: South
Temperature: 8 C to 15 C
Wind Speed: 13 mph
Wind direction: South west