Financial Regulator fines Quinn Insurance €3m

[Towger]

So, it looks like those stories about the Regulator's auditors having a serious run in with Quinn have a ring of truth.

Quinn Insurance has been fined €3.25 million by the Financial Regulator after it found “reasonable cause to suspect” that regulatory requirements had been breached.

From the Irish Times : [broken link removed]

 

[scuby]

yea just saw it on 9pm news.

something to do with 200+ million loan to buy anglo irish bank shares.

 

[MichaelBurke]

The mistake he made was that he just got caught.

(Just in case someone thinks otherwise I am not vindicating what he did.)

 

[Towger]

Appart fron Anglo, he seems to have been playing the stock market with the insurance fund and like all these fellows he got got caught when it all went pear shaped.

The Regulator must have been anoyed, they said on the news that their previous max fine was only 80k.

 

[coquito]

Have we lost the plot in this country? It looks as everybody has been screwing us taxpayers ad lib. As you said getting caught is the crime. Did you see the one on the paper yesterday where a senior manager at Beaumont Hospital acted as a lone ranger and signed a contract for hardware and software that didn't work and the contract couldn't be recinded and it cost you and I €1.3m and to add insult to injury he resigned and got a payoff!!! They, the Government, kept telling us a short while ago that this country was "awash with money". Come on, tell me where it's all been washed away to? These politians have become so arrogant and are so removed from the people that they thought could do what they like with us and they nearly got away with it. I'm sick of the whole lot of them.

 

[dewdrop]

M inaybe we have been a little harsh on the Regulator iis developmentn view of this development

 

[Towger]

More details are comming out. It looks like he lost almost 1b on the stockmarket:

[broken link removed]

Yesterday, the Quinn Group, Mr Quinn's overall company which owns Quinn Insurance, said it was writing off €829 million advanced in 2007 to firms that made stock market investments for the Quinn family. It may right off a further €130 million this year, it said.

 

[hatfield]

Re: Financial Regulator fines Quinn Insurance €3m

More details are comming out. It looks like he lost almost 1b on the stockmarket:

[broken link removed]

Yesterday, the Quinn Group, Mr Quinn's overall company which owns Quinn Insurance, said it was writing off €829 million advanced in 2007 to firms that made stock market investments for the Quinn family. It may right off a further €130 million this year, it said.

Is Quinn still Irelands richest man after the annus horriblis of the last 12 months ? Consider that his property investments and demand for construction materials from his quarry must have tanked too.