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Thread: Happy Days Are Here Again !

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    Politics.ie Member Andrew49's Avatar
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    Exclamation Happy Days Are Here Again !

    Seán Quinn group pays out €200m to his five children

    The €200 million payment to Quinn family members was made in the course of 2008 and was taken from shareholders’ funds at the company. Mr Quinn’s five children – Colette, Seán Jr, Ciara, Aoife and Brenda – each own one fifth of Quinn Group, which controls the bulk of the family’s business interests. A spokesman for the company said the payment was made “to facilitate the development of their independent wealth portfolios”.


    SOurce


    Happy Days Are Here Again !



    Last edited by Andrew49; 4th November 2011 at 12:16 AM.
    I watched with glee, while your kings and queens, fought for ten decades for the gods they made.

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    Politics.ie Member cyberianpan's Avatar
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    It is also worth looking at this IT story also

    IT
    The Quinn Group’s ability to service debts to Anglo Irish Bank has significance for the public purse, write COLM KEENA and UNA MCCAFFREY
    ...
    The Quinn Group has already, over the 2007 and 2008 years, written off up to €888 million arising from the family’s disastrous Anglo engagement. We don’t know, but it would be fair to suspect, that a large part of the €200 million taken from the group by the family last year in dividends went towards financing the family’s bank debt.

    The whole Anglo/Quinn affair is the focus of a number of inquiries, including ones by the Financial Regulator, the Office of the Director of Corporate Enforcement and the UK Serious Fraud Office.


    Very murky area

    cYp
    "Yawn , am I alive yet ?"

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    Politics.ie Member Andrew49's Avatar
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    Quote Originally Posted by cyberianpan View Post
    It is also worth looking at this IT story also

    IT
    The Quinn Group’s ability to service debts to Anglo Irish Bank has significance for the public purse, write COLM KEENA and UNA MCCAFFREY
    ...
    The Quinn Group has already, over the 2007 and 2008 years, written off up to €888 million arising from the family’s disastrous Anglo engagement. We don’t know, but it would be fair to suspect, that a large part of the €200 million taken from the group by the family last year in dividends went towards financing the family’s bank debt.

    The whole Anglo/Quinn affair is the focus of a number of inquiries, including ones by the Financial Regulator, the Office of the Director of Corporate Enforcement and the UK Serious Fraud Office.

    Very murky area

    cYp
    Maybe the €200 million will encourage Colette, Seán Jr, Ciara, Aoife and Brenda not to have any children !
    Last edited by Andrew49; 4th November 2011 at 12:19 AM.
    I watched with glee, while your kings and queens, fought for ten decades for the gods they made.

  4. #4

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    So five people have been given two hundred million Euros while people on modest and low incomes - even below 80-100k- are threatened with job loss after job loss, pay cut after pay cut as well as public services getting cut (which affects everybody in society), people reliant on Social Welfare payments of €204 a week to live are told to tighten up their belts - Christmas is cancelled for them -

    If ever there was evidence that there needs to be taxes imposed on wealth in this country this is it.

    Income levy's hitting the lower paid....we need to introduce a wealth levy

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    I used to think Quinn was a good man, employing lots of people, keeping it real in Cavan. Over the last year I've had my doubts, I'd say this is nothing to do with distributing wealth within a family, it sounds like a blatant attempt to avoid the tax man, we all know the Cavan man jokes, they must be true.

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    All heriditory privilege should be abolished. We will never have equality of opportunity if the rodent offspring of Quinn are born into such wealth while others start with nothing.

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    Quote Originally Posted by Malcolm X View Post
    All heriditory privilege should be abolished. We will never have equality of opportunity if the rodent offspring of Quinn are born into such wealth while others start with nothing.
    I know someone who's been handed down a house, an old one in need of modernization. Before he can be given legal title of the house he has to pay some inheritance tax on the property, after he pays the tax he wont have enough to fix up the property, he has to take out a mortgage to cover the short fall, you can more of less say he is taking out a mortgage to pay for inheritance tax.

    Then you here this story, 200 million, only in Ireland.

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    Quote Originally Posted by Fing Fers View Post
    I used to think Quinn was a good man, employing lots of people, keeping it real in Cavan. Over the last year I've had my doubts, I'd say this is nothing to do with distributing wealth within a family, it sounds like a blatant attempt to avoid the tax man, we all know the Cavan man jokes, they must be true.
    He is a right villian. Way back in the past I admired his rag to riches story. Then I had indirect dealings with one of his companies on a business level. Screw you for every single last penny.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Quote Originally Posted by Fing Fers View Post
    I know someone who's been handed down a house, an old one in need of modernization. Before he can be given legal title of the house he has to pay some inheritance tax on the property, after he pays the tax he wont have enough to fix up the property, he has to take out a mortgage to cover the short fall, you can more of less say he is taking out a mortgage to pay for inheritance tax.

    Then you here this story, 200 million, only in Ireland.
    Oligarchs get to inherit tax free. Such is the shambles of the Celtic Banana Republic.

  10. #10

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    Quote Originally Posted by eire_sai View Post
    Oligarchs get to inherit tax free. Such is the shambles of the Celtic Banana Republic.

    Its a horrible system. The small people get screwed, and the oligarchs are in bed with the people that make the rules.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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