Irish regulator slaps £2.5m fine on Quinn for loans breach
Sean Quinn has stepped down as director and chairman of Quinn Insurance, following the imposition of...
Sean Quinn has stepped down as director and chairman of Quinn Insurance, following the imposition of a £2.5m fine from the Irish financial regulator.
The fine related to inter-company loans that the Financial Regulator found contravened its rules. The company had made loans amounting to £233m to another company within the group in May 2008.
In a statement, it said: "The Financial Regulator has reasonable cause to suspect that breaches of regulatory requirements occurred in relation to Quinn. These
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