Local businessman denies Sean Quinn gold allegations

Sean Quinn, Quinn Company

Sean Quinn

A PROMINENT Teemore businessman has rubbished claims he was the ‘secret cash dispenser’ involved in explosive allegations that Sean Quinn and his family were hiding €300 million in gold on a Caribbean island.

In an exclusive interview with the Fermanagh Herald, Gerry Reilly, a former Quinn Group employee, strenuously denied allegations he “oiled the wheels” of Quinns’ “assets beyond reach” programme.


It follows claims which emerged on Friday that informants told the former Anglo-Irish bank – now IBRC (Irish Bank Resolution Corporation) – that the Quinn family had used several ‘agents’ to stop the bank from reaching their assets.

The informants claimed that the Quinns used these so-called agents to transfer €200m to the Virgin Islands from a bank account in Dubai and €300m in gold through Dubai and Figi.

Mr Reilly’s name appeared at the centre of these allegations, however he has rejected these claims saying that they are “unfounded and have no credibility”.

Mr Reilly, who is a director at Ballyconnell based business, Ballytherm Ltd, added: “I absolutely reject that I or Ballytherm Ltd are involved in this or any illegal activity.

“These allegations are totally unfounded and have no credibility whatsoever. The allegations are being made, it seems, by anonymous paid informants, which speaks for itself.

“I couldn’t believe it when I heard of these claims. I haven’t a notion why they would name me and I haven’t the slightest bit of information of who they are.

“I felt I needed to make a response as we are not involved in any of this and my next step is to take legal advice.


“I had to find out about these accusations through the media and it’s just disbelief my name could be brought into this. There is no justification in what has been said.

“It’s unbelievable these accusations can be made without any prior notice or any room to defend myself particularly accusations which are fairly damaging.”

The Quinn family has also dismissed the same claims saying that the two informants could not be trusted.

A statement released by the family described the allegations as “scurrilous lies” and denied all involvement in the matters.

The statement continued: “The revelations by IBRC in the Commercial Court on Friday 30th May based on illegally obtained information from unidentified informants with criminal backgrounds marks a new low in this litigation.

“We are simply astonished that a State controlled entity would be a party to such ethically and legally questionable actions.

“The allegations concerning €300 million gold and €200 million cash are absolute scurrilous lies and denied by the family in the strongest possible terms.

“The bank has been led on a wild goose chase by individuals who do not even have the decency to make themselves known to the Courts and in the process are now a party to completely groundless allegations against an International Bank, an International Finance Banker, an Indian Businessman and also a close friend of the Quinn family, all of whom have absolutely no involvement whatsoever in these matters.

“The Quinn Family has disclosed the full extent of its assets to the Court. Indeed a full reading of the affidavit of Mr Kieran Wallace grounding this update to the Court confirms that no assets have been recovered on foot of this information, which Mr Wallace accepts has been obtained by his informants illegally.

“The manner in which this application was moved ex parte by Anglo in the Commercial Court without notice to the Quinn family, but clearly with notice to the Irish Media illustrates the extraordinary lengths the bank is prepared to go to in its endeavour to gain litigation advantage by absolutely decimating the family’s name.

“What is most disappointing is that the Quinn family has since September 2011 repeatedly offered our assistance to IBRC, however such offers have been ignored on each occasion.”

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