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.
Great find! Good to see that Riverdance has made it to a freezing cold warehouse on the Steppes.
Fantastic!