Have the Quinn's left the country?
- Thread starter Bronte
- Start date
.good question
lets say they carry on as they are now, which means the Judge feels they are'nt purging their contempt. Will she just keep jailing them on/off..until everyone gives up, case is dropped etc. for lack of preogress?
I suppose it boils down to "purging your contempt" - if we assume that there are no further shenanigans ongoings, and that some drip feed of information gets released about previous transactions, shouldnt that be purging their contempt?
While I have lost a fair bit of sympathy due to the simpleton antics, I still say he wouldnt have been top of my list for jail time.
While I have lost a fair bit of sympathy due to the simpleton antics, I still say he wouldnt have been top of my list for jail time.
But he'd be on the list. It's never going to be as simple as jailing them in exact order of magnitude of their transgressions.
I dont think he should be lumped in with the causers of the chaos, he's been jailed for trying to save what he had, after things went south. The bankers who lent recklessly, and put the gun to the head of the government with the guarantee are the real culprits, the causers.
You need to roll back a bit more and blame the Government at the time (Bertie & Cowen) for allowing a culture of wreckless lending based on tax breaks and incentives given to developers. Without these breaks and incentives, the banks would not have had anyone looking for money to buy massive land banks or to build monstrosities in the middle of nowhere.
Sean Quinn has been jailed for contempt of court. He was issued with an order to move the €500m+ back to Ireland. This money was purposely moved after orders were served on him to recoup some or if not all of the €2.3bn+ he owes the Irish State (Us all as taxpayers).
If you or me owed a bank a couple of thousand euro and were issued with a court order to pay it back and we refused, even though we had a massive sum of money overseas, we would be in contempt of court and would also serve a prison sentence!
Criminal & Corporate cases are before the courts at the moment on a number of individuals in the former Anglo Irish Bank. If the judge(s) find against these people, they too will serve sentences and not contempt sentences, but criminal ones, some of them could and probably will be many years behind bars! The law is there, it just needs to be used fully.
Companies Act 1960.
Section 60
(15) If a company acts in contravention of this section every officer of the company who is in default shall be liable: (a) on conviction on indictment, to imprisonment for a term not exceeding 2 years or to a fine not exceeding £500 or to both, or (b) on summary conviction, to imprisonment for a term not exceeding 6 months or to a fine not exceeding £100 or to both.
One individual in particular has been charged with 16 offenses under this Act. Thats a lot of prison time!
Companies Act 1960.
Section 60
(15) If a company acts in contravention of this section every officer of the company who is in default shall be liable: (a) on conviction on indictment, to imprisonment for a term not exceeding 2 years or to a fine not exceeding £500 or to both, or (b) on summary conviction, to imprisonment for a term not exceeding 6 months or to a fine not exceeding £100 or to both.
One individual in particular has been charged with 16 offenses under this Act. Thats a lot of prison time!
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T McGibney
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You are aware, presumably, that Ruairi Quinn was the Minister for Finance who introduced the first major raft of property tax incentives schemes in the mid 1990s.
Indeed Ruairi was still Minister when two guys in mafia-style pinstripe suits landed at my door in or around 1996 looking for investment in a big (and to my mind, ludicrous) property scheme in Waterford. One of them had a memorable catchphrase which he kept repeating "and all backed by Anglo!".
Labour have long since disowned these wideboys and their ilk, but they conveniently forget that it was they who first put them on the road to "success".
Granted, you are correct that the really reckless lending was a phenomenon of the Bertie/Cowen era.
If it's already cost the bank 80K in legal costs and rising (which we are paying) and now they plan to spend up to 130K with a Russian recovery company, which might yield zero, isn't it about time some heads in Anglo copped on and stopped wasting our money if it's a fruitless exercise. I guess it's easy to spend out money. We could be down 80K plus 130K plus the 500K of assets. The people in the four goldmines must be clapping their hands in glee at all this.
Are the bank as stupid as Sean Quinn looks having put assets seemingly beyond his own reach, how does Anglo not know it too is not being double crossed.
Would also like to know if Quinn is such a clever businessman how come he didn't put 100 million of 'profit's' into each of his children's names in the 35 'good' years before Anglo. Money that was legitimately earned and could have been legally transferred without any bank having a possibility of staking a claim on it. Surely this is what very wealthy people do.
Are the bank as stupid as Sean Quinn looks having put assets seemingly beyond his own reach, how does Anglo not know it too is not being double crossed.
Would also like to know if Quinn is such a clever businessman how come he didn't put 100 million of 'profit's' into each of his children's names in the 35 'good' years before Anglo. Money that was legitimately earned and could have been legally transferred without any bank having a possibility of staking a claim on it. Surely this is what very wealthy people do.
IIRC, he did something along those lines a few years ago, transferred a significant sum (€50m ?) to each of his children. Maybe it was €50m in total ? I remember thinking it was, even back then, excessive.
That I haven't read, but I think he transferred companies to them, but in effect he continued to be in control and effectively leveraged the properties with the children signing whatever was put in front of them. I'll have to have a re read to double check. It's hard to keep up with it all.
I did some searches to back up my recollection, and can't get past the plethora of links relating to recent events. Yet, I've a clear memory that he did these transactions a few years ago, e.g. pre 2008.