Cowen asks officials to meet embatteld Quinn group

Top officials from Enterprise Ireland have been asked by the Taoiseach to meet representatives of the embattled Quinn Group, it was revealed today.

Billionaire tycoon Sean Quinn has accused the financial regulator of putting 5,500 jobs at risk after it penalised his family business for a second time.

Two flagship divisions, Quinn Healthcare and Quinn Direct, are now in the hands of administrators after the High Court in Dublin granted a request from the regulator.

Brian Cowen said he spoke to Mr Quinn on Thursday night at the businessman’s request.

A spokesman for the Taoiseach said: “Regarding issues concerning the wider Quinn Group, the Taoiseach has asked the chairman and chief executive of Enterprise Ireland to meet with representatives of the group to see if they can be of any assistance.”

Administrators have taken over the two divisions in the insurance wing amid concerns over guarantees other subsidiaries gave as far back as 2005 to support debts across the group.

Quinn said it held talks with the regulator last Monday – less than 24 hours before the watchdog went to Dublin’s High Court to secure provisional control of the two businesses.

The company said its financiers and advisers have been working around the clock to answer the regulator’s questions and address concerns over the guarantee.

Quinn also said it was in the middle of negotiating a refinancing package to ease fears and insisted it was confident of securing a new deal.

The Government spokesman said Mr Cowen was focused on finding a solution to the difficulties at the Quinn group.