Sean Quinn issued an open letter to the authors of the book and spoke of many ‘mistruths’ included in it
A PAPERBACK newly released, centring on Sean Quinn, tops the Irish non-fiction best sellers’ list.
And, with Mr Quinn issuing an open letter to its joint authors, accusing them of taking the sides of the banks and bondholders ‘who destroyed our companies’, sales are set to rise even further.
The book, ‘Citizen Quinn: A Man, an empire, and a family’, charts the genesis of the ongoing dispute between Mr Quinn (and his family) and, previously Anglo Irish Bank, (now NAMA).
The debt involved, some €3.25 billion is disputed by Mr Quinn. Put simply, he is claiming that, in buying shares in the bank, he was in fact offered the money in the form of loans to help keep the share price up.
That was in 2007 and 2008, but come April, 2011, the bank having been bailed out by the southern government, sent in its army of trouble shooters to take over the Quinn Group.
Mr Quinn and his fellow directors were ousted and the locks changed, and, with it, went the Quinn ‘ethos’ that had buoyed south Fermanagh and neighbouring parts of Cavan and Leitrim for the previous 40 years.
At its height, the group and the insurance arm, which was already taken over, employed 7,000 people north and south.
In essence, the book charts the subsequent in-court and out-of-court journeys involving the Quinn family.
While the authors have argued that Mr Quinn, ‘declined several chances to be involved in the book’, he is given his say through public protestations he made, usually at rallies in Ballyconnell, at his treatment by Anglo, and the bondholders.
That he enjoys fierce local support is beyond question, as also, is his disdain for those who were moved into the Quinn Group boardroom in Derrylin.
And, he remains defiant to the last, denying claims that the Quinns were engaged in an elaborate game of cat and mouse, moving around their estimated €500m overseas assets.
The court, in fact, convicted all three Quinns, Sean, sen and Jun and Mr Quinn’s nephew, Petey of contempt, jailing father and son and issuing an arrest warrant for Peter who is stil thought to be living at home in Fermanagh.
Readers will be bamboozled by the stellar sums involved in acquiring those overseas assets, and, doubtless, people sympathetic with Mr Quinn, will wonder why he got involved in those areas, and likewise, buying those shares in Anglo.
But, on the other hand, any call he had made until Anglo was sound, and for the whole Anglo episode he has paid a terrible price.
The book records how, over a five-day period at the end of October, 2011, there were five hearings in Russia, one in Belize and another in Ukraine. The previous week, there had been three hearings in Russia.
Today (Wednesday), his fight to get back what he owned goes on, although his seminal day in court, alleging Anglo had illegally advanced the €2.35bn to him in ‘07 and ‘08 is still some way off.
That case, we are told, may not take place until 2015. But, ‘Prisoner 82809’ – as he was known during his time in Mountjoy – is prepared to bide his time.
‘Citizen Quinn’, by Gavin Daly and Ian Kehoe, is published in softback by Penguin Ireland. It is available, locally, in Eason’s, Enniskillen at the discounted price of £10.99.
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