TheStory.ie has long been a fan of the Australian programme, Four Corners. In one of their latest episodes they spend a full 44 minutes on the Irish crash. One of the best documentaries I’ve seen on the subject. Watch the whole thing.
This looks familiar. And their banks haven’t even start to account for the losses.
Hip-hop and economics, who couldn’t love it?
“Well… I saw Mervyn’s head errr… nodding up and down”.
We have long been interested about the rather large investments the Quinn Group made in Russia and the Ukraine back in the day. Or not back in the day, depending on your viewpoint. Afterall, it was only last year, post Anglo nationalisation, that Mr Quinn was out in Kazan (yes that’s a Russian city you’ve never heard of), opening a warehouse/distribution facility. I wonder how it’s going? If you’re in doubt, here’s where the plant is:
The Quinn Group were kind enough to offer us this hilarious video of the opening of the facility via YouTube. I do wonder who owes money to who in this case and if the taxpayer is at this stage involved, especially as Quinn/Quinn Group is the largest debtor to Anglo Irish Bank.
It is also worth noting that we pointed out the basic subsidiary structure some time ago. Quinn Assets Sweden AB is one of the Swedish subsidiaries of Quinn Group (Nedacin Limited (Cyprus) is a subsidiary of Assets Sweden AB. Nedacin has a subsidiary in Russia called Striotlend (стриотлэнд) . Striotlend was apparently used to purchase Russian assets.
Ukrainian assets appears to have been bought via Quinn Holdings Ukraine, which is a subsidiary of Quinn Holdings Sweden (AB). This Ukrainian website appears to report news that Quinn Sweden Holdings AB bought a 92.75% stake in Quinn Holdings Ukraine Ltd in April 2008, around the time the Anglo share price was falling, and the Anglo 10 were getting their act together. Quinn Holdings Ukraine paid upwards of $155m for two assets in Kiev in 2006.
Paul Sommerville from Delta Index squares off against Government representative Eamon O Cuiv on RTE’s Primetime. Paul nails it and O Cuiv, well, doesn’t. In two parts.
Then Financial Regulator Patrick Neary on Prime Time in October 2008. The Irish Independent report today relates.
… Michael Lowry is after your job. For the last few weeks the Tipp TD has been running a competition (constituents-only!) for Oxegen tickets. Of course, his only motivation for doing so is because he “understands and appreciates the importance of music festivals, particularly to young people”. Did I say ‘constituents-only’ already?
He has now put the prize draw on Youtube… see below.
The last five seconds are golden.
Someone smells a general election. Someone smells a tribunal report. Someone wants to come up smelling of roses.