Quinn to stand down from board of Quinn Group

Sean Quinn and his wife Patricia have announced they are to stand down from the board of the Quinn Group.

The businessman has says his decision was based on his need to concentrate in the short term on Quinn family interests outside of Quinn Group and in particular on the interaction of these interests with Anglo Irish Bank.

He also said that he wants to avoid any potential conflict of interest associated with the proposed sale of Quinn Insurance.

He added: "After 37 years of sustained development, Quinn Group Limited has a mature, professional and skilled executive as well as a very experienced and independent Board.

"The Group is extremely well invested, and is strongly positioned to meet all of the challenges ahead.

"The Group management and staff in all areas are second to none as has been demonstrated in recent times.

"For now I want to concentrate on Quinn family interests outside of the Group and bring all outstanding matters to a satisfactory conclusion in that regard."

Last Friday it was announced that 900 jobs are to go from Quinn Insurance which was placed into administration last month.