Members of the Quinn family deployed every possible ruse to stick us, the Irish public, with the debt they recklessly amassed. By Vincent Browne.
Sean Quinn concocted an elaborate miasma of companies, at least in part, to transfer ownership of hugely valuable property assets into the names of his children. Presumably this was done for tax reasons, at least in the initial stages.
Quinn Investments Sweden (QIS), a Swedish company, was the vehicle through which these property assets were owned. This company, in turn, created myriad subsidiaries, including a number of Cypriot companies, which in turn held shares in companies in Russia, Ukraine and India.
The vast fortunes of the Quinn family went disastrously wrong in 2008, primarily over Sean Quinn's acquisition of contracts for difference in Anglo Irish Bank (surrogate shares whereby the purchaser agrees to purchase the 'real' shares in a company at a particular price, enabling the purchaser to make a healthy profit for a minimal outlay if the share price increases, but exposes him to massive losses if the share price falls).Add a comment