Northern Ireland

Seán Quinn to leave consultancy role at former firm

Sean Quinn
Image caption Seán Quinn was once Ireland's richest man

Seán Quinn will leave his consultancy role at the company he once controlled by "mutual agreement" with the owners.

Mr Quinn, from County Fermanagh, was once Ireland's richest man.

But the former billionaire lost control of his manufacturing businesses in 2011 following a disastrous bet on shares in Anglo Irish Bank.

He was taken on as a consultant by the current owners of Quinn Industrial Holdings (QIHL) when they bought the business in 2014.

However there has been tension between him and the firm's management team.

QIHL said it had become clear that Mr Quinn's "expectations for his role" were "at odds with the strategic direction of the businesses."

'Mark of respect'

It is run by some of Mr Quinn's former close associates but is jointly owned by three investment funds - Brigade Capital, Contrarian Capital and Silver Point Capital.

QIHL said Mr Quinn was employed so the firm could benefit from his "wealth of experience" and as "a mark of respect".

But it added that "as time has progressed it has become evident that Sean's expectations for his role and the ownership structure of QIHL are at odds with the strategic direction of the businesses".

It understood that Mr Quinn had an expectation that he would soon be in a position to buy the firm.

QIHL said Mr Quinn's son will also leave a consultancy role which he held at the firm.

Mr Quinn will be allowed continued access to office facilities for "his own personal use."

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