Quinn Group ‘doing what they were told’ in unloading stake

The Quinn Group was “doing what they were told” by Anglo Irish Bank when unloading their 29% control of the bank in July 2008.

The trial of three former Anglo executives accused of illegally loaning money to unwind the Quinn stake has heard from a senior Quinn Group official that Sean Quinn was forced to dispose of his stake.

Dara O’Reilly, who was group finance director, said Mr Quinn was not happy with the plan as he believed Anglo stock, which was falling rapidly, could recover. “I don’t think it was voluntary, no,” Mr O’Reilly told Paul Anthony McDermott, prosecuting. “Quinn was doing what they were told to do.”