Quinn’s private wealth and assets beyond Anglo reach

THE mansion and personal assets of Seán Quinn and his family are beyond the reach of Anglo Irish Bank as it attempts to recoup €2.8 billion in loans he owes to the nationalised institution.

Finance Minister Michael Noonan admitted last week that it was likely the taxpayer will “take the hit” for the debts as Anglo took control of the Quinn Group by exercising a charge it had over shares.

The bank made the move on the business empire by appointing a receiver over the shares held by the Quinn family in the Quinn Group.

The loans, taken out to cover losses on bets in Anglo, pledged a raft of properties around the world, along with a controlling interest in the group as collateral.

No personal guarantees were given by the family as security for the borrowing, so he will be allowed to hold onto much of his private wealth.

Just four years ago Seán Quinn was Ireland’s richest man, worth almost €5bn.

Anglo chief executive Mike Aynsley said the impending takeover of the Quinn Insurance group by Anglo and US-based Liberty Mutual would help the bank recoup a large proportion of the losses.

He warned that any move by Quinn to pursue legal action against Anglo over its move to put the Quinn Group into receivership would not be helpful to the 4,500 employees.

Legal action would “not be productive to the interests of the businesses Seán Quinn spent so many years building up, or for the people employed there”, he said.

A spokesperson for Quinn said he had not yet decided whether legal action would be taken.