Live BlogSEÁN QUINN HAS released a statement speaking of his upset at the decision by Anglo Irish Bank to strip him of control of the Quinn Group last week – saying that, given time, he would have been able to save the business.
Quinn admitted that he had made mistakes but said that these should not result in “a life sentence”. He said that bad advice had also contributed to the company’s problems: “Our mistake was to place an overreliance on the Irish banking system and the many predictions for continued sustained growth in the Irish economy from some of the country’s leading financial services experts.”
He said that he had put together a business plan over the past year, which would have allowed the business to pay back it debts and “discharge fully all the family’s obligations to the Irish taxpayer”. Some €3 billion of the company’s debts are owed to the taxpayer.
“I am utterly convinced that our proposal could achieve the retention and increase of skilled employment in the group,” he said.
A five-year restructuring plan has been agreed between Anglo and the Quinn Group’s lenders, which has been described as “fundamentally good and profitable”.
Quinn said that the decision to remove him had been the “biggest upset” of his career.
Kieran Wallace of KPMG will now take charge of the Quinn family’s shares in the company: the family’s debts total €2.88 billion.
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