- Jun 20, 2007
A former Quinn Group executive being questioned about the collapse of Quinn Insurance Ltd (QIL) told a public inquiry yesterday that he did not know that the assets of some subsidiaries had been signed away as loan guarantees.
"QIL collapsed in 2010 after it emerged that assets that were supposed to form its regulatory capital had become collateral for a €1.2bn loan made by Barclays to Quinn Group.
Mr Kevin Lunney, who served on the board of QIL and later the Quinn Group, told the inquiry that he did not recall signing any loan documents.
"We did have legal representation until we could no longer afford to do so," he said, adding: "Quite frankly, our priorities were elsewhere."
How Barclays Bank lent them 1.2bn is extraordinary, quite obvious they did not perform proper due diligence on the assets they were holding as security and also some very sharp operating to secure this loan for Daddy to gamble, most of, away.
These directors do not want to be at this Hearing, it is almost like they are saying, they themselves got hoodwinked.