The Quinn Collapse


#1661

You know Anglo was London listed, which makes manipulating its share price a criminal offence in the UK. So far, the FSA has allowed the Dublin “authorities” to pursue the case. But if the Quinns succeed in showing that the Irish regulators were complicit, then DOF personnel who were an accessory to this Maple 10 deal would be vulnerable to prosecution if they land at Heathrow.

If it can happen to Pinochet…


#1662

oh stop you’ll get me over-excited … Neary doing the perp walk…oh god


#1663

Pinochet didn’t have a contract that indemnified him against any actions !

This is all part of the big happy comfort blanket of working above a certain level in the PS. It doesn’t matter a shit how big the fuck up is, the State will step in & tell everyone, ‘hands off !’. If they didn’t, who’d take the job & carry out orders knowing full well that they were going to land them in the shit without the get out jail card ?

How would the Germans react if we started arresting some of their cowboys who operated in the IFSC during the ‘light regulation’ years ?

The unwritten rule with banks seems to be, that it’s up to the home country to decide on punishment; but the host country can PNG them to give the home country the hint.


#1664

We’ll have to wait to see what comes outin evidence. If these loans were illegal or unenforcable then Anglo/IBRC and the Regulator/Central Bank (and thereby the State) have been aware of it for some time. This would mean that the continud pursuit fo the Quinns is being pursued for political means and that the organs of the state are being used to deprive them of justice and their properrty rights rather than vindicate them. That would be pretty gruesome on the part of the State but it is unlikely anyone would be held accountable.

Is the Liquidator in charge of these loans now or has NAMA acquired them under the assignment of the security for the ELG? If I were responsible for enforcing the loans I would get a fresh second view from people who have not become very involved with, and thereby personally invested in, the pursui of this case.


#1665

Quinn Insurance’s €5m fine waived ‘in public interest’ - Dearbhail McDonald -> independent.ie/business/iris … 32085.html


#1666

:smiley:


#1667

The Quinn Insurance administrators Grant Thornton are suing PwC for €1bn.

When I read it first I assumed it was the usual idiots acting the big fella but this is the administrators not the Family


#1668

I cannot get much detail on this online. An Irish Times online article suggests they are suing for €1bn, as does a Sunday Business Post article header but I cannot see inside SBP the article.

PWC being sued for €1bn by the Quinn Insurance Administrators is big news. The next question is did PWC properly limit their liability in their appointment.

Either way, one has to suspect that creating this uncertainty over PWC might boost business for other accountancy firms including Grant Thornton. If the case is actually won by Quinn Insurance then is PWC’s Irish business at risk? If so, will Grant Thornton and other large accountancy firms benefit from their demise?


#1669

Very interesting. Does this mean the end of the cozy cabal of audit firms?


#1670

What will be the outcome here if successful? Will the taxpayer see some redress?


#1671

My guess is that the Tax payer will pick up the 1B Tab or PWC will start showing people where the bodies are buried.


#1672

bit on it here

accountancyage.com/aa/news/2 … for-eur1bn


#1673

PI insurance provided by L&F Indemnity in the UK… Possibly a captive? What about in Ireland?


#1674

rte.ie/news/2013/0806/466646-sean-quinn-high-court/


#1675

Possibly a Lloyd’s syndicate?

I wonder is there a group PI scheme, in which case I’d guess limits of indemnity are quite high. If not no idea who provides cover in ireland nor what the type of limits might be in place


#1676

Company to provide ‘crucial’ CFD papers on Quinn to IBRC - Mary Carolan -> irishtimes.com/business/sect … -1.1464751
Jul 16 2013


#1677

Emotional Quinn vows ‘I’ll clear my name’ and launches scathing attack on Anglo - Greg Harkin -> independent.ie/business/iris … 91101.html


#1678

8DD


#1679

What? Does he mean he didn’t try to put €500 million beyond the reach of his creditors?
I suspect he means he’ll be exonerated when Anglo are shown to be a bunch of thieving scumbags. But actually, that doesn’t get him off the hook.


#1680

Previewed in the Business Post

https://ecx.images-amazon.com/images/I/5159MXgWa7L.SY300.jpg

Staggering levels of obstinacy, idiocy and a dollop of bigotry “I’d say you’re a Rangers supporter” SQ to Murdoch McKillop the Scot/Prod appointed to sort the mess out