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Sean Quinn stands down from board

5 May 10 19:19 GMT

Sean Quinn and his wife Patricia are to stand down from the board of Quinn Group Ltd.

The Fermanagh businessman said his decision was based on his need to concentrate in the short term on family interests outside of Quinn Group.

Mr Quinn also said that he wanted to avoid a potential conflict of interest associated with the proposed sale of Quinn Insurance.

Last week he revealed plans to sell the insurance arm.

It came as administrators announced job losses hitting more than a third of the company's 2,400-strong workforce.

Mr Quinn said at the time he and his family were "devastated" by the redundancies.

The job losses were larger than predicted. It was thought that 800 jobs would go. One hundred and seventy nine jobs will go in Enniskillen and 21 in Derrylin.

Administrators said the massive cuts were needed to safeguard the business's future.

The firm's problems stem from massive losses made by Sean Quinn in a stockmarket gamble on the now-failed Anglo Irish Bank.

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