Inaccurate coverage of Sean Quinn’s business affairs

I REFER to the article “Merrill Lynch’s Irish arm fined €2.75m” (October 24) published in your business section. The article concerns the fine recently imposed upon Merrill Lynch by the Financial Regulator. The second paragraph of the article states: “The largest fine involved one of Ireland’s wealthiest businessmen Sean Quinn who was fined €3.25m over the sale of shares in Anglo Irish Bank, where he lost over €1 billion.”

This statement is incorrect. Mr Quinn was fined €200,000 by the Financial Regulator, not €3,250,000 (Quinn Insurance Limited was fined €3,250,000).

Your statement conveys the impression that Mr Quinn was fined for selling his shareholding in Anglo Irish Bank. This is also incorrect. Mr Quinn’s fine related to contraventions by Quinn Insurance Limited of its obligations under the Insurance Acts and Regulations, including failure to notify the Financial Regulator prior to providing loans to related companies. Mr Quinn was a director and chairman of Quinn Insurance Limited at the relevant time. Finally, the article is accompanied by a photograph of Mr Quinn. With respect, we would have thought that an article about the fine imposed on Merrill Lynch would be accompanied by a photograph of a representative of that business, not Mr Quinn.