Given the recent revelations in the Commercial Court, and detailed on the recently launched blogsite http://quinn-anglo-story.blogspot.com/ it appears that Anglo was effectively running and managing the Quinn account, and they allegedly "shovelled" enormous amounts of money to the Quinn family for the illegal purpose of propping up the share price of the bank. Sean Quinn has been lacerated for almost two years for reckless gambling etc. and now it is apparent that it was in fact Anglo who was gambling with the money and companies of the Quinn family.
Media reports recently confirmed that an expert report provided by an International Firm that specializes in disputes, concluded that Anglo's conduct was "not accepted market practice". The London based consultancy examined the central plank of the Quinn's case against the bank; that loans advanced to the Quinn family were for an illegal purpose and constituted market manipulation. Hugo Watson Brown, a director of Navigant Consulting concluded that "by June 2008, Anglo had lent Quinn Finance, or related companies close to 2 billion euros, and to the extent that if it was secured at all, it was done so against property development projects that had not the benefit of funds". Mr. Watson Brown said there was "no commercial rationale" behind Anglo's loans to Quinn companies and he did not believe that any other bank would have done this.
Billions of euros of taxpayers money has been needlessly squandered and the waste continues on a daily basis.
CONCERNED IRISH CITIZENS ARE NOW CALLING FOR AN INDEPENDENT PUBLIC INQUIRY TO GET TO THE TRUTH ABOUT WHAT HAPPENED BETWEEN QUINN AND ANGLO. WE BELIEVE THAT THE TAXPAYERS/CITIZENS SHOULD NOT HAVE TO WAIT FOR YEARS OF LEGAL WRANGLING AND THE FURTHER WASTE OF TAXPAYERS MONEY, TO BE TOLD THE TRUTH.
QUESTIONS FOR ANGLO AND THE GOVERNMENT REGARDING THE NEEDLESS AND RECKLESS SQUANDERING OF ENORMOUS SUMS OF TAXPAYERS MONEY
1 Anglo has always claimed that they were engaging in the current strategy in relation to Quinn in order to recoup money for the taxpayers. Given that prior to the Quinn Group being seized from Sean Quinn on the 14th April 2011, he was up to date with all repayments, how much has Anglo recouped to date for the Irish people under their strategy. Quinn Insurance was effectively sold to Liberty Mutual for one euro and Quinn Health was sold for nothing. Anglo should also explain how they made a total mess of the Ukraine properties and how much of our money they squandered in this matter. It is ironic that judges in foreign jurisdictions see the Anglo plan for what it is.
2 How much of our money has been spent to date on legal and PR costs for Anglo both in Ireland and worldwide? Since the chairman of Anglo conceded that it made no financial difference where Sean Quinn was made bankrupt, how can Anglo justify spending in the region of 500,000 euros of public money in challenging the bankruptcy of a man who was born and reared and spend 40 years working in Northern Ireland. Exactly how much money does Anglo expect to benefit from this strategy?
3 How does all of this compare with the business plan that was submitted by Quinn which offered all of his companies to the Irish State until all monies were repaid (despite the question of the legitimacy of the debt). The circumstances surrounding the elimination of this attractive proposal need to be investigated. It guaranteed the retention of all jobs and the creation of 1800 additional jobs. To date, 1200 jobs have been lost under the current strategy with thousands more at risk.
4 Why did Micheal Noonan say on 14th April last, in a media interview (can be provided )that the bondholders had taken a big hit, in the region of 50%, in the Anglo deal on Quinn. The bondholders took no hit whatsoever. The Minister has an obligation to clarify why he said this.
5 Why did a senior Anglo official provide misleading information to a Belfast High Court in December when asked about the circumstances of how Sean Quinn found himself in Dublin on 14th April, the day Anglo seized the Quinn Group in a mafia style fashion, prior to the legitimacy of Quinn debts being established in a court of law? The official claimed that Mr. Quinn would have been in Dublin anyway, with the petitions (90,571) and to protest on that day. This is a blatant misrepresentation and can be proven to be so. Sean Quinn played no part in the petitions or the trip to Leinster house, and the Central Bank. The truth is that he was summoned to Anglo Head Office by the chairman of Anglo Irish Bank, to ensure that he, Sean Quinn was away from his profitable and reputable company on the day of the take-over and to facilitate the military style coup.
Is Mise,
Media reports recently confirmed that an expert report provided by an International Firm that specializes in disputes, concluded that Anglo's conduct was "not accepted market practice". The London based consultancy examined the central plank of the Quinn's case against the bank; that loans advanced to the Quinn family were for an illegal purpose and constituted market manipulation. Hugo Watson Brown, a director of Navigant Consulting concluded that "by June 2008, Anglo had lent Quinn Finance, or related companies close to 2 billion euros, and to the extent that if it was secured at all, it was done so against property development projects that had not the benefit of funds". Mr. Watson Brown said there was "no commercial rationale" behind Anglo's loans to Quinn companies and he did not believe that any other bank would have done this.
Billions of euros of taxpayers money has been needlessly squandered and the waste continues on a daily basis.
CONCERNED IRISH CITIZENS ARE NOW CALLING FOR AN INDEPENDENT PUBLIC INQUIRY TO GET TO THE TRUTH ABOUT WHAT HAPPENED BETWEEN QUINN AND ANGLO. WE BELIEVE THAT THE TAXPAYERS/CITIZENS SHOULD NOT HAVE TO WAIT FOR YEARS OF LEGAL WRANGLING AND THE FURTHER WASTE OF TAXPAYERS MONEY, TO BE TOLD THE TRUTH.
QUESTIONS FOR ANGLO AND THE GOVERNMENT REGARDING THE NEEDLESS AND RECKLESS SQUANDERING OF ENORMOUS SUMS OF TAXPAYERS MONEY
1 Anglo has always claimed that they were engaging in the current strategy in relation to Quinn in order to recoup money for the taxpayers. Given that prior to the Quinn Group being seized from Sean Quinn on the 14th April 2011, he was up to date with all repayments, how much has Anglo recouped to date for the Irish people under their strategy. Quinn Insurance was effectively sold to Liberty Mutual for one euro and Quinn Health was sold for nothing. Anglo should also explain how they made a total mess of the Ukraine properties and how much of our money they squandered in this matter. It is ironic that judges in foreign jurisdictions see the Anglo plan for what it is.
2 How much of our money has been spent to date on legal and PR costs for Anglo both in Ireland and worldwide? Since the chairman of Anglo conceded that it made no financial difference where Sean Quinn was made bankrupt, how can Anglo justify spending in the region of 500,000 euros of public money in challenging the bankruptcy of a man who was born and reared and spend 40 years working in Northern Ireland. Exactly how much money does Anglo expect to benefit from this strategy?
3 How does all of this compare with the business plan that was submitted by Quinn which offered all of his companies to the Irish State until all monies were repaid (despite the question of the legitimacy of the debt). The circumstances surrounding the elimination of this attractive proposal need to be investigated. It guaranteed the retention of all jobs and the creation of 1800 additional jobs. To date, 1200 jobs have been lost under the current strategy with thousands more at risk.
4 Why did Micheal Noonan say on 14th April last, in a media interview (can be provided )that the bondholders had taken a big hit, in the region of 50%, in the Anglo deal on Quinn. The bondholders took no hit whatsoever. The Minister has an obligation to clarify why he said this.
5 Why did a senior Anglo official provide misleading information to a Belfast High Court in December when asked about the circumstances of how Sean Quinn found himself in Dublin on 14th April, the day Anglo seized the Quinn Group in a mafia style fashion, prior to the legitimacy of Quinn debts being established in a court of law? The official claimed that Mr. Quinn would have been in Dublin anyway, with the petitions (90,571) and to protest on that day. This is a blatant misrepresentation and can be proven to be so. Sean Quinn played no part in the petitions or the trip to Leinster house, and the Central Bank. The truth is that he was summoned to Anglo Head Office by the chairman of Anglo Irish Bank, to ensure that he, Sean Quinn was away from his profitable and reputable company on the day of the take-over and to facilitate the military style coup.
Is Mise,
1 comment:
These questions will not go away and will either have to be answered now or in a tribunal etc where an awful lot more embarrassment will be caused.
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