The Sunday Business Post published a front page article on the story on May 5. Business editor Ian Kehoe says the Quinn family have obtained a report written by the law firm Arthur Cox, which warned the government in early 2009 that the bank had advanced hundreds of millions of euro to Sean Quinn to cover his massive exposure on the bank’s share price.
The report was prepared for the Department of Finance and was released to the Quinn family as part of the discovery process in their €2.4 billion claim against the bank.
A separate report by the bank in the same year, and also obtained by the family, reveals how the bank admitted that it disguised loans to cover share losses as “working capital”.
In other news, a movie on Sean Quinn’s journey from billionaire to bankruptcy is said to be progressing.
It has been confirmed the film has gone into the early stages of production, and Monaghan’s comedian Oliver Callan will act as script consultant for the movie.