Seán Quinn writes to Oireachtas, saying he has been 'vilified for long enough'

Sean Quinn called on TDs to launch an investigation into Government agencies and Gardaí over what he describes as “several major reported instances of fraud”. File photo

Former billionaire businessman Seán Quinn has told TDs that he has been “vilified for long enough” and alleged a cover-up over the takeover of Quinn companies.

In a letter, seen by the Irish Examiner, sent to members of the Oireachtas Justice Committee, Mr Quinn said that he had been compelled to write due to the development of an “unsubstantiated” narrative around him.

“I feel compelled to write to you as over the past 15 years or so an unsubstantiated narrative has developed attempting to place me at the centre of possible criminal activity, financial or otherwise, and these perpetual untruths have been damaging and particularly upsetting to both my family and I,” Mr Quinn said.

Mr Quinn called on TDs to launch an investigation into Government agencies and Gardaí over what he describes as “several major reported instances of fraud”.

In particular, Mr Quinn alleges that Government agencies “escaped censure by perverting the course of justice”, while accusing the Gardaí of failing to investigate “multiple frauds”.

“Both the government and Anglo achieved their objective of leaving me penniless for the past 12 years, unable to fight my corner regarding the takeover of our companies,” Mr Quinn wrote, adding that the takeover had been “unconscionable”.

By 2008, Mr Quinn had amassed more than €4.7bn in wealth through his various companies, but ended up bankrupt following a series of investments into Anglo Irish Bank. These investments, through a financial instrument known as contract for difference (CFDs), were a bet on how the bank’s share price would change.

However, the CFDs went against Mr Quinn, leading to a share support scheme being established by the bank, which included a €2.34bn loan that was to be secured against Quinn Group assets. This lead to Mr Quinn being found guilty of contempt of court and jailed for nine weeks in 2012, after he attempted to put company assets out of the reach of Anglo.

Mr Quinn argued that it would be possible for the Quinn Group to repay the loans, however, the group was eventually taken over, with Quinn Insurance being purchased by Liberty Mutual.

Writing to TDs, Mr Quinn said that there has been “blatant illegality and fraud” related to the takeover of the Quinn Group, saying that it had cost the Irish taxpayer approximately €5bn. He adds that the entire issue needed to be investigated and called on TDs to bring the matter to the public’s attention.

The former businessman said that he is happy to stand over everything he wrote in his recent book, Seán Quinn: In My Own Words, saying that it is “factual and evidence-based”.

In particular, Mr Quinn says that he had “no hand, act or part” in the abduction and assault of Quinn Industrial Holdings, now Mannock, director Kevin Lunney. Mr Quinn has repeatedly denied allegations of any involvement in the kidnapping case, describing it as a “barbaric act to perpetrate on a man travelling home from work”.

The Irish Examiner has contacted Mr Quinn for comment.