The chief operating officer of Quinn Industrial Holdings (QHI), Kevin Lunney, has been abducted, seriously assaulted and left at a roadside.
The 50-year-old businessman was taken from Derrylin, Co Fermanagh at around 6.40pm on Tuesday evening and was found more than 20 miles across the border in Cornafean, Co Cavan just before 9.00pm.
He was discovered by local residents with serious injuries to his face and legs before being taken to a local hospital.
Mr Lunney's and another unknown car were found alight close to his family's home shortly before 7.00pm.
The attack has been widely condemned in the business community, by politicians and by the PSNI which has now launched an investigation.
"Mr Lunney sustained a broken leg and range of other very severe, but non-life threatening injuries, for which he is being treated in a nearby hospital," a spokesperson for QIH said.
QIH chairman Adrian Barden said that the incident was an "outrageous attack on a hard-working father of six children".
"For several hours last evening, Kevin's wife, family and very many friends were left to contemplate the worst.
"Like many of his colleagues I am frustrated and angry that more has not been done to protect Kevin, who will require some considerable time to recover from the very severe injuries sustained in this brutal attack.
"We have previously warned of the inevitability of serious injury and loss of life arising from these sustained and increasingly serious criminal attacks.
"We are now calling for the police authorities north and south to act quickly and decisively to prevent an inevitable loss of life by bringing those responsible to justice."
In a tweet, DUP leader Arlene Foster described the attack as 'totally abhorrent'.
Det Insp Trevor Stevenson from the PSNI said: "This was a horrific attack and we are liaising with our colleagues at An Garda Siochana."
He appealed for anyone who saw a black Audi saloon in Derrylin in Co Fermanagh or Swanlinbar in Co Cavan to contact detectives.
Mark Mallett was in Derrylin for UTV Live: