Quinn Insurance in Administration

[Rossfan]

. 

PWC Backs Quinns Claims

A series of reports sent by PWC – the former auditor of Quinn Insurance Limited (QIL) – to the Financial Regulator strongly disputes whether the State was right to place the insurance group into administration.

The Financial Regulator made the decision to take control of QIL from the family of former billionaire Sean Quinn based on its belief the insurance company was insolvent.

Copies of the PWC reports, however, submitted to the Financial Regulator in 2010 state that the accountants believe its audit opinions on the insurance group's accounts were "appropriate".

They would say that wouldn't they .

[muppet]

Grant Thornton, the insurance's firm's administrators, meanwhile, has lodged court papers against PWC in preparation for taking a legal action against it alleging misconduct.

Interesting.

[supersarsfields]

. 

PWC Backs Quinns Claims

A series of reports sent by PWC – the former auditor of Quinn Insurance Limited (QIL) – to the Financial Regulator strongly disputes whether the State was right to place the insurance group into administration.

The Financial Regulator made the decision to take control of QIL from the family of former billionaire Sean Quinn based on its belief the insurance company was insolvent.

Copies of the PWC reports, however, submitted to the Financial Regulator in 2010 state that the accountants believe its audit opinions on the insurance group's accounts were "appropriate".

They would say that wouldn't they .

Well at least they are saying something. Its more than the regulator was prepared to do.

[Rossfan]

. 

PWC Backs Quinns Claims

A series of reports sent by PWC – the former auditor of Quinn Insurance Limited (QIL) – to the Financial Regulator strongly disputes whether the State was right to place the insurance group into administration.

The Financial Regulator made the decision to take control of QIL from the family of former billionaire Sean Quinn based on its belief the insurance company was insolvent.

Copies of the PWC reports, however, submitted to the Financial Regulator in 2010 state that the accountants believe its audit opinions on the insurance group's accounts were "appropriate".

They would say that wouldn't they .

Well at least they are saying something. Its more than the regulator was prepared to do.

All they are saying is "what we did was right in our opinion".

[supersarsfields]

No they've put out a report stating why they were right. This is exactly what was asked of the regulator, who dispite being so vocal previously decided to close up shop and either couldn't or wouldn't provide the legal refererence for why the decision was made to place QIL into administration.
Do you find it acceptable for the regulator to make a decision like this and when challaged that he was incorrect,is unwilling to justify his decision or even show  some evi
dence?

[muppet]

No they've put out a report stating why they were right. This is exactly what was asked of the regulator, who dispite being so vocal previously decided to close up shop and either couldn't or wouldn't provide the legal refererence for why the decision was made to place QIL into administration.
Do you find it acceptable for the regulator to make a decision like this and when challaged that he was incorrect,is unwilling to justify his decision or even show  some evi
dence?

SS I know this is frustrating, and I am on the fence in this area as I don't know much about it, but in my experience Regulators/Authorities/Departments have all sorts of legal privilege. If the Regulator was out of order, or blundered atrociously, I want his office to be held fully accountable and I would not be happy to see any type of legal privilege used as a convenient smokescreen.

But I also feel the same way about SQ and his CFD bet.

[supersarsfields]

That's fair enough Muppet. And that's why I'd be glad to see Grant Thorton take a legal case against PWC. Because at least then we would see whether the regulator made a monumental c0ck up or not, because if he did, it would seem that no one else has got the hunger to investigate.
Unfortunately if he did make this mistake there is no recourse for going after him despite the massive cost to the state other than perhaps making sure it all comes out in the media.

[orangeman]

Liberty Insurance wants 100 per cent control over the former Quinn Insurance Group, almost half of which is held by the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank.

Its chief executive in Ireland Patrick O'Brien, has told The Irish Times its Boston parent would like to acquire the 49 per cent shareholding in the business held by IBRC "sooner rather than later".

Mr O'Brien declined to comment on how much IBRC's stake would be worth.

However, he revealed the liquidation of IBRC took Liberty by "surprise".


Liberty has been heavily promoting its brand in Ireland with a €1 million annual sponsorship of RTÉ's Late Late Show . This, however, is coming to an end and the insurer has signed a five-year deal with the GAA to sponsor the All-Ireland hurling and camogie championships.

The Government put IBRC into liquidation in February and the special liquidators at KPMG are to value its assets and either sell them by August or transfer them to the National Asset Management Agency (Nama), which will dispose of them in time.

In November 2011, Liberty provided €102 million for a 51 per cent stake in the former Quinn insurance business. IBRC took the balance as part of a €200 million recapitalisation.



"From a State perspective, I'm sure it was the right thing to do but from our perspective it was a little frustrating. We'd built up a good relationship with IBRC," he said.



Given his role as head of the Irish insurer, Mr O'Brien is not directly involved in discussions with KPMG on the IBRC stake, which are being handled from Boston.

Mr O'Brien said it was "business as usual" at the Irish insurer but the uncertainty over IBRC was not helpful. "We're a little unsure where the other shareholding will end up and we wouldn't be keen to be in Nama," he said.

IBRC provided €98 million as part of the recapitalisation of the former insurer, which had been placed into administration by the Central Bank. In theory, this was the value placed on its 49 per cent stake in the business.

[orangeman]

Peter Darragh Quinn, a nephew of bankrupt businessman Sean Quinn, has been ordered to pay $188m dollars damages to Irish Bank Resolution Corporation over his "pivotal" role in stripping assets from the Quinn family's international property group.

Three Russian companies were also ordered to pay damages of €252m, $239m and $201m over their involvement in the scheme to place assets beyond the reach of the bank.

Mr Justice Peter Kelly assessed damages in those amounts at the Commercial Court today following the entry of judgment last February against Mr Quinn after he failed to enter a defence to the bank's claim.

The judge noted IBRC had limited its claim to $188m for now against Mr Quinn but was reserving its position in relation to other possibly quantifiable losses. He was satisfied the bank was entitled to judgment in that sum over Mr Quinn's wrongful conduct.

He also continued an order restraining Mr Quinn reducing his assets below €50m.

IBRC special liquidator Kieran Wallace had said the $188m sum reflected the lost value of the Kutuzoff Tower in Moscow, owned by a Russian company of which Mr Quinn was the general director. Mr Wallace said he was concerned the actions of Mr Quinn, the companies and others meant the bank would be unable to recover various assets in the IPG.

Mr Quinn was not in court and has remained at his home in Lisbellaw, Co Fermanagh, across the border in Northern Ireland, since the High Court made findings of contempt against him, his cousin Sean Quinn Jr and uncle Sean Quinn Sr in June 2012. A warrant for his arrest to serve a three-month sentence for contempt remains unexecuted.

While Mr Quinn had not entered a defence to the bank's application for judgment against him, he wrote to the Commercial Court last month, and again last weekend, asking it to defer the assessment of damages pending the outcome of his appeal to the European Court of Human Rights against the contempt finding.

Alternatively, he asked that he be allowed adopt the defences entered by other members of the Quinn family to the bank's claim. The bank knew he was not a "mark" for damages and would not be prejudiced by an adjournment, he added.

Shane Murphy SC, for IBRC, opposed the adjournment application on grounds including Mr Quinn had taken no steps to advance his Supreme Court appeal against the contempt finding. The bank also had no details of the ECHR appeal, he added.

Mr Quinn had himself decided not to enter a defence to this case or to attend court, counsel also argued.

Mr Justice Kelly, refusing the adjournment application, said Mr Quinn remained in flagrant contempt of court and there was no merit to his application.

The judge then heard the bank's application for assessment of damages against Mr Quinn and a number of companies. He granted $188m damages against Mr Quinn and damages in various sums against three Russian companies over their involvement in the asset stripping scheme.

IBRC in 2011 initiated its proceedings against several companies and various Quinn family members, including Peter Darragh Quinn, alleging stripping of assets from the IPG.

Earlier today, Miss Justice Elizabeth Dunne further adjourned to June 11th a hearing related to efforts by Sean Quinn Jnr to purge his contempt of court orders. The judge heard Mr Quinn, who served a three month prison term for contempt, is offering a payment of €75,000.

[armaghniac]

Peter Darragh Quinn, a nephew of bankrupt businessman Sean Quinn, has been ordered to pay $188m dollars damages

So he owes about €70 each to every taxpayer in the 26 counties.
If he sends me an All Ireland ticket, we'll call it quits.

[Rossfan]

The pro Quinn bucks have gone very silent I notice 

[armaghniac]

The pro Quinn bucks have gone very silent I notice 

Maybe there are organising a collection?

[supersarsfields]

The pro Quinn bucks have gone very silent I notice 

Not really. This had been coming since they ruled against then for contempt. Once they had ruled that there was always going to be a claim for damages. Same way the Quinns are taking a claim for damages against the D.O.F and IBRC.
Its just the State's claim hasn't been held up by court proceedings against Ex Anglo staff.
But i,'d watch this space over the next week or two!!

[rrhf]

one further success for the powerguilty.   

[orangeman]

http://www.independent.ie/business/irish/quinns-large-windfarm-in-north-is-put-up-for-sale-29312084.html

John Mulligan– 01 June 2013

Northern Ireland's largest windfarm – previously owned by Quinn Insurance – has been put up for sale by administrator Grant Thornton.




It's likely that it could fetch somewhere in the region of £80m to £100m (€93m to €116m).

The 54-megawatt windfarm at Slieve Rushen in Derrylin, Co Fermanagh, is being sold more than a year after the administrators were put in charge of the operation.

The windfarm was initially constructed in 1994, making it one of the first ever such operations on the island.

In 2008, it was upgraded using 18 new Vestas wind turbines. The revamp boosted its output capability from 9MW to 54MW.

Financial adviser Investec is handling the sale of the operation and has been circulating documentation to potential buyers.

Will Ainger, the co-editor of industry publication 'Sparkspread', said the Slieve Rushen is generating annual revenue of £17m (€19.9m) and earnings before interest, tax, depreciation and amortisation of £15m (€17.5m), according to the sale document.

He added that the windfarm sells its output to Ireland's single electricity market, and receives payments through Northern Ireland renewable obligation certificates and levy exemption certificates.

It also has an offer of a 14-year contract to supply power output to an electricity company which would then be sold on to customers.

The sale of the windfarm comes after a number of other recent deals in the sector.

In April, two windfarm projects in Tipperary and Cork were sold by Ireland-based but US-owned Element Power to Blackrock NTR Renewable Fund – a joint venture between US fund manager Blackrock and Irish utility firm NTR.

In 2011, US firm Liberty acquired a 51pc stake in Quinn Insurance, paying €102m. IBRC, formerly Anglo Irish Bank, took control of the remainder as part of a €200m recapitalisation of the insurance arm.

Liberty has recently said that it would like to gain full control of the former Quinn Insurance business after IBRC was put into liquidation in February by the Government.