Image what this money could do for the poor and sick of Ireland yet it is squandered. Shame on You ALL.
Quinn administrators earn €13m
Accounting firm Grant Thornton received an additional €2.8m in fees last year bringing to €13m the amount the firm has received for acting as administrators to the Quinn Insurance group.
n a written Dáil response to Fianna Fáil’s Billy Kelleher, Minister for Finance, Michael Noonan confirmed that Grant Thornton received the additional €2.8m (incl Vat) in respect of the work overseen by joint administrators and Grant Thornton partners, Michael McAleer and Paul McCann.
The two were appointed as administrators to Quinn Insurance Ltd (QIL) by the High Court at the request of the Central Bank due to concerns over the solvency position of the firm in 2010.
Mr Noonan confirmed that Grant Thornton received fees of €7.5m in 2011, €2.7m in 2012 and the provisional unaudited figures for 2013 showing that a further €2.8m was paid last year.
Mr Noonan said: “All fees paid to Grant Thornton as administrators of QIL are submitted to and approved by the president of the High Court.”
A more detailed breakdown of the fees paid to Grant Thornton is provided in QIL’s latest accounts for the 12 months to the end of December 2012.
They show that Grant Thornton Ireland received administration fees of €1.8m in 2012 following €2.85m under the same heading in 2011.
The accounts disclose that Grant Thornton UK got €372,000 in actuarial fees in 2012 following €3.2m for actuarial work in 2011.
Fees classed as “other Grant Thornton fees” totalling €486,000 were paid over in 2012 following €1.4m under the same heading in 2011.
The two were appointed as administrators to Quinn Insurance Ltd (QIL) by the High Court at the request of the Central Bank due to concerns over the solvency position of the firm in 2010.
Mr Noonan confirmed that Grant Thornton received fees of €7.5m in 2011, €2.7m in 2012 and the provisional unaudited figures for 2013 showing that a further €2.8m was paid last year.
Mr Noonan said: “All fees paid to Grant Thornton as administrators of QIL are submitted to and approved by the president of the High Court.”
A more detailed breakdown of the fees paid to Grant Thornton is provided in QIL’s latest accounts for the 12 months to the end of December 2012.
They show that Grant Thornton Ireland received administration fees of €1.8m in 2012 following €2.85m under the same heading in 2011.
The accounts disclose that Grant Thornton UK got €372,000 in actuarial fees in 2012 following €3.2m for actuarial work in 2011.
Fees classed as “other Grant Thornton fees” totalling €486,000 were paid over in 2012 following €1.4m under the same heading in 2011.
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