Quinn family condemn 'negative activity'

The Quinn family has issued a statement in the past half an hour condemning any acts of violence or intimidation in the Derrylin-Ballyconnell area on the Cavan-Fermanagh border targeting businesses formerly part of the families business empire.

The statement follows an article in Thursday's Impartial Reporter newspaper reporting a battle for control at Quinn Industrial Holdings Ltd (QIHL) between Sean Quinn Snr and its American investors and the current management team led by Liam McCaffrey, CEO.

The statement reads as follows.

'Sean Quinn and the Quinn family's stated position is that they have always condemned and will continue to condemn all negative activity in the local area.

'Sean has a good working relationship with the US Investor Group and all discussions between those parties are private and confidential.

'Sean has no comment to make on the management team, save to say that he has drawn the US Investor Group's attention to matters that he believes need to be addressed to protect the Quinn Group and the jobs that it provides to the local community.'

Sean Quinn Snr, who's reported to be on a £500,000 a year deal with the company as a paid consultant, declined a request for interview. His son Sean Jnr, who also has an advisory role in the firm, also declined an interview request saying it would not be 'appropriate' at this time.

The Impartial Reporter this week carried a leaked email showing that Sean Quinn Snr made a failed bid three weeks ago to take back control of his former company.

In a deal worth close to €100m, the local consortium of QIHL acquired the Construction Industry Supply (CIS) and Packaging businesses of the former Quinn Group in December 2014 from Aventas, with the help of three American-based hedge funds - Brigade Capital, Contrarian Capital and Silver Point Capital.

In the message, sent on March 14 last, the investor group references a recent meeting with Quinn Snr's financial advisor who stated 'Sean has grown increasingly uncomfortable with his role as a senior advisor to QIHL and has a strong desire to acquire ownership in QIHL'.

The leaked email said that the investors had 'no appetite' for Quinn Snr to be anything other than a consultant at this time.

The Investor Group said it believes “that we have the right leaders in place to drive a successful outcome for all shareholders, including yourselves.”

In the e-mail, the Investor Group said that in order for Mr. Quinn “to become bankable in the finance community again” he needs to “rectify his relationship with our senior management team” and “take an active approach, demonstrable over a period of time, against the increasingly negative activity in the community.”

“The recent developments have done nothing but move Sean further away from his goal, and, while obviously not positive for the business, are downright detrimental to Sean.

Assuming Sean addresses our initial concerns on an ongoing basis and our business enjoys a reasonable period of stability and continued success, we are open to further discussions on Sean’s role, but at this point in time, the Investor Group has no appetite for Sean’s role expanding beyond the advisory relationship already in place,” said the e-mail.

Meanwhile, the Investor Group also said that it is “growing increasingly uncomfortable with the escalating acts of violence and intimidation in the Derrylin/Ballyconnell community, which whether directed at our business, or neighbour businesses, adversely impact our willingness to continue to invest and grow Quinn Industrial Holdings Limited.”

In article published in The Anglo-Celt on March 17 last, the management of QIHL would not comment on speculation that Quinn Snr was seeking a share in the business.

The Celt reported on that occasion that direct threats had been made to senior directors at Quinn Industrial Holdings Ltd (QIHL), while the PSNI and gardaí have advised them to review their personal security.
Sources close to the company, which owns sections of Sean Quinn’s former manufacturing empire, confirmed to the Celt that the threats had been made against a number of executives including CEO Liam McCaffrey and director John McCartin, a Fine Gael councillor in Leitrim. Both were said to be “shaken” by the turn of events but declined to comment as investigations are continuing but noted their “sadness and continued concern”.
A spokesperson for the company would not elaborate on the nature of the alleged threats.
Asked to comment on shareholdings, a spokesperson for the company simply said: “The financiers in the company decide who owns the shares in the business, not the management.”
He confirmed that Mr Quinn’s role in the company is “as it has been from day one” as a paid consultant.

Workers sent bullets
The latest developments come as a cross border investigation is underway following a fresh outbreak of hostilities over other former Quinn assets. The Sunday Independent reports that workers at a company operating windfarms along Slieve Rushen on the Cavan-Fermanagh border were sent bullets, along with a chilling handwritten message - a “final warning” to stay away or “face the bullet”.
A spokesman for the company concerned confirmed it had received a warning letter and said it is engaging with the relevant authorities.

‘Very concerned’
Mantlin, the owner of one of the windfarms, said it was “very concerned” about the message the incidents were sending out: “As an EU company which has invested in the Northern Ireland energy market, we are very concerned about the message these aggravated attacks are sending out about investment in Fermanagh.”

On local radio this morning, Patricia Gilheany of Concerned Irish Citizens (CIC) said that the group had 'lost confidence' in the current management team and claimed that the first quarter results of the company were the worst in the history of the business.

A statement from CIC last month on the subject of violence and intimidation read:

'We in Concerned Irish Citizens take this opportunity to unequivocally affirm that we do not condone any acts of vandalism, trespass, intimidation or indeed anything that disrupts the safety and rights of others.

'Our objective has always been to give a forum to the hundreds of people, employees, locals, landowners etc who contact us and whose safety and rights they feel are being infringed upon.

'They all point out that there was never any trouble or unrest in the four decades that Sean Quinn was in charge of the company. 

'With regard to the medium and long term prospect  for the company whose survival is critical for this region, the reports given by Management to the media do not match up with what employees are saying to us e.g in the area of raw materials, and it is in this context that we continue to seek transparency. We in CIC facilitate and encourage open debate on a matter that is of the utmost importance to each and every individual in this area.'