It is no lie to say that many explosive revelations are coming to light and being brought to the attention of CIC by employees and others who are outraged at apparent fraud that has been ongoing in the company that was built from nothing by Sean Quinn, a man who put his money where his mouth was and who had the belief and trust in local people when he set up "State of the Art" factories in an area that would be considered by anyone else as the "back of beyond" in terms of location suitability for industry.
A number of critical questions will have to be addressed as there appears to be a running theme of fraudulence and deception at Aventas that mimics the antics of Anglo Irish Bank. Sean Quinn was conned by Anglo; it appears that the Government was also conned although they have not yet conceded to this. (Who told Michael Noonan that there would be no job losses and that none of the business would be sold off for at least 5 years-Despite Paul O'Brien doing the media rounds for the last number of years ridiculing CIC and spouting about an increase in people employed by Aventas, the 2013 Accounts concedes that there were 49 less people employed (we suspect the figure is much higher). Were the auditors Ernest and Young also conned or were they complicit in the falsification of accounts in relation to both Aventas and Anglo?
A number of critical issues and questions were mentioned in the previous article and comments on this page.
Every day brings new questions and allegations and many workers and observers now suspect that not alone were workers, bondholders and investors conned, but the Government officials who put the caretakers into the Quinn Group may now be left with serious questions to answer as many are saying to CIC that there appears to have been theft on a grand and indeed unprecedented scale at Aventas.
1. From examination of the Aventas Accounts for 2013 regarding stock, it appears implausible that Aventas could hold stock valued at 123 million approx. WHEN THE DOGS ON THE STREET KNOW THAT THE YARDS ARE EMPTY. The company never held this amount of stock. Has the stock been deliberately overvalued to the tune of twice or three times its value for the purpose of cooking the books to mislead investors (similar to what Anglo did to Quinn and other investors)? Has QBRC been misled? More importantly, are the auditors who signed off on the Aventas accounts (the same ones who took the word of Sean Fitzpatrick in Anglo) aware that if the accounts are proven to have been falsified, that the Accountancy Regulatory Body can hold them to account? Did they take the word of Senior Management at Aventas or did they follow due diligence and ask appropriate questions? If unqualified accountants and ordinary people can pick up on such apparent irregularities, how did they miss it? Aventas imply that they have 9 weeks stock while workers claim that there is not enough stock for one week. It appears that the buyer of Radiators now realizes that they were conned re. fraudulent figures. Is QBRC next in line to be taken advantage of?
The stock was valued in the accounts at 124 million. Should the auditors and interested bodies not be questioning these figures? There is apparently an 18 million deficit in shareholders funds, 100 million losses for 2013. Given that the stock is reported to be valued at, at least double what it is actually worth, SOMEBODY IS TELLING LIES. IF WHAT WE ARE BEING TOLD BY WORKERS AND OBSERVERS IS TRUE, SHOULD THE ENTIRE COMPANY NOT BE WOUND UP?
Are creditors being put at risk? Has it dawned on the Minister for Finance yet that he was misled by Anglo, the administrators of Quinn Insurance and now Aventas and what repercussions will that have for the entire country when the sh.. hits the fan. How can a Government body stand over this?
2. It is being reported that 2 employees left the company on Friday last (with their pockets full) and that a condition of their large pay- outs was that they would not squeal and that they effectively signed up to gagging orders. What is of crucial importance is that these workers were allegedly center stage when Quinn Assets were sold off for 49 million, assets which will have to be replaced by QBRC or whoever buys any of the businesses. It is generally felt by workers that the assets were "given away" to people with conflicts of interest and that it will cost the new owners a multiple of that figure to replace the plant and machinery which was flogged off, and is critical to the running of the business.
Why were these men allegedly asked to sign gagging orders if there is nothing to hide? Were they complicit with Aventas in misappropriating company assets? WHY DID THE MEN LEAVE AT THIS TIME AND WHY ARE THEY BEING SILENCED?
Paul O'Brien got carried away throughout his tenure as "caretaker" of Quinn Group and constantly referred to it as "our businesses". It was never his business but the question remains: Did he act as if he was the the sole shareholder and if so, how many people's position did he compromise in the period of his care-taking duties. So many questions left to be answered but answered they will be, regardless of who is taken down as the unvarnished truth will be exposed to the world and his wife.
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