Will Quinn return from zero to hero again?

Published: 4 Jul 2013 13:000 comments

DEAR SIR - The recent interview given by Sean Quinn to The Impartial Reporter emphasises the negligent and fraudulent nature of the former Anglo Irish Bank, which worked to the ultimate detriment of its clients and contributed to the gargantuan loss to the Irish taxpayer in the bale-out of the Irish banking industry to the tune of some €30 billion.

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When the Quinn family bought heavily into Anglo Irish Bank shares, it could be argued that perhaps there were 'too many eggs in one basket'. However, when, as a busy businessman Sean Quinn did so, he relied heavily on the outstanding reputation of the bank as having been variously described as 'the best bank in the world' and 'financially sound'. These glowing statements were clearly negligent but were made, not just by financial journalists, commentators and pundits, but by leading accountants, established stockbrokers and reputable international financial rating agencies.

The bank, which had a flawed business model, continuously, crookedly 'cooked the books' as when, before its accounting year end, it would borrow millions from other financial institutions to bolster up and give a false picture of its actual financial standing. This activity was fraudulent and negligent.

A prospective investor could reasonably expect to rely on the bank's annual statement of accounts, especially when they were certified and supported by a reputable firm of accountants, who in turn were also clearly negligent in failing to fulfil their duties and obligations.

The history of the Anglo Irish Bank is one of farce, fiasco, fact, fiction and fraud. The flawed banking model, with its over dependence on lending for property development and speculation, did not maintain a proper ratio of profits and reserves. There was nothing left in the cupboard for a rainy day.

Another fallacy in the Quinn saga is the Irish Government's contemptuous attitude towards the rights and interests of the individual, as being subordinated to those of the State and its governing politicians.

In a true democracy, the emphasis would be the other way about; the civil rights and liberty of the individual should be of paramount importance. This situation is made worse by the fact that, in the Republic of Ireland, judges are political appointees of the Government. Sean Quinn and his son Sean Jnr should never have been imprisoned. The 18th century Irish politician and man of letters Edmund Burke would have been horrified at such wrongful incarceration. In 1777, he wrote to the Sheriffs of Bristol, "Among a people generally corrupt, liberty cannot long exist".

And the diminutive president of the Irish Republic, who professes such an international interest in human rights, like Pontius Pilate washes his hands of the Quinn affair and doesn't want to know anything about it. The Quinns were made scapegoats for Government failure, regulatory omissions and the commissions of many frauds by the main directors of the Anglo Irish Bank.

The Quinns should have been allowed to bring their case firstly against the Anglo Irish Bank, but the Irish Government, in trying to silence them and in its own selfish interests, 'put the cart before the horse', and in a totalitarian manner, of course.

The recent exposures in the 'Anglo Tapes' prove the calculating, callous, connivance, chutzpah, chicanery and corruption of the main directors of the Anglo Irish Bank. Not only did they fool the Irish Government with their fraud and negligence. Customers, including the Quinn family, suffered substantial loss and damage as the result of such shenanigans.

It is time for justice to be done, wrongs to be righted and for substantial compensation to be paid. Sean Quinn's reputation will rise as the Phoenix from the ashes, and he will be clearly proven, beyond any doubt whatsoever, to be yet again 'a hero from zero'.

Yours faithfully,

Neil C. Oliver,

Castle Toppy

114 Crawfordsburn Road

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