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Former wealthiest man in Ireland jailed for contempt Bankrupt billionaire Sean Quinn jailed for contempt
(35 minutes later)
In a fall from grace that personifies the ignominious collapse of the Celtic Tiger, Sean Quinn, who used to be Ireland's wealthiest man, has been sent to jail for contempt of court. In a fall from grace that personifies the ignominious collapse of the Celtic Tiger, Sean Quinn, formerly Ireland's wealthiest man, has been sent to jail for contempt of court.
The bankrupt former billionaire will serve a nine-month prison sentence, the Dublin High Court ruled. The bankrupt former billionaire will serve a nine-month sentence, the Dublin high court ruled.
Quinn was jailed for preventing the seizure of his international assets, worth tens of millions of euros, which the state-owned Irish Bank Resolution Corporation (IBRC) won the right to recover in June.Quinn was jailed for preventing the seizure of his international assets, worth tens of millions of euros, which the state-owned Irish Bank Resolution Corporation (IBRC) won the right to recover in June.
The IBRC is the former Anglo Irish Bank, which lent the Quinn family hundreds of millions of euros to invest in property around the world.The IBRC is the former Anglo Irish Bank, which lent the Quinn family hundreds of millions of euros to invest in property around the world.
Justice Elizabeth Dunne told the businessman she had no choice but to sentence him for contempt of court and his role in a scheme that put the family's €500m international property empire beyond the reach of the bank.Justice Elizabeth Dunne told the businessman she had no choice but to sentence him for contempt of court and his role in a scheme that put the family's €500m international property empire beyond the reach of the bank.
Quinn Sr owes it €2.8bn after running up unprecedented losses through stock investments in the bank as its share price collapsed. The family admits it owes €455m but has refused the claim on the rest and has begun a counter-case against the bank relating to a loans deal. Quinn Sr owes it €2.8bn after running up unprecedented losses through stock investments in the bank as its share price collapsed. The family admits it owes €455m but has refused the claim on the rest and has begun a counter-case against the bank relating to a loans deal.
The IBRC is seeking to recover some of the Quinn property empire on behalf of the Irish taxpayer.The IBRC is seeking to recover some of the Quinn property empire on behalf of the Irish taxpayer.
On Friday the High Court rejected appeals from Quinn's Belfast-based legal team that the 66-year-old was too old and ill to serve a jail sentence. His son Sean Jr has already served a three-month sentence for contempt. On Friday the court rejected appeals from Quinn's Belfast-based legal team that the 66-year-old was too old and ill to serve a jail sentence. His son Sean Jr has already served a three-month sentence for contempt.
A warrant is still out for Sean Quinn Sr's nephew, Peter Darragh Quinn, who has fled to Northern Ireland and cannot be extradited back to the Republic, since it is a civil case. A warrant is out for Sean Quinn Sr's nephew, Peter Darragh Quinn, who has fled to Northern Ireland and cannot be extradited back to the Republic, since it is a civil case.
The nationalised bank argued in court this week that a meeting between itself and the Quinn family had been "wholly unproductive" in terms of producing an agreement to hand over assets. The nationalised bank argued in court this week that a meeting between itself and the Quinn family had been "wholly unproductive" in terms of producing an agreement to hand over assets.
Sean Quinn has argued he was tricked into borrowing up to two billion euros by the Anglo Irish Bank during the Irish property boom – a defence the Dublin High Court rejected. Sean Quinn has argued he was tricked into borrowing up to €2bn by the Anglo Irish Bank during the Irish property boom, a defence the Dublin high court rejected.
During this week's hearing Sean Quinn was described as someone who was "a leading light of the Celtic Tiger". During this week's hearing Sean Quinn was described as someone who was "a leading light of the Celtic Tiger". His defence team pointed out that the businessman had never avoided paying tax by using offshore schemes and created thousands of jobs, particularly in the border region.
His defence team pointed out that the businessman never avoided paying tax by using off-shore schemes and created thousands of jobs, particularly in the border region. However, Quinn gambled his empire, which had been built on the cement and insurance industries, on the international property markets by buying commercial buildings in places as far flung as Belize and the Ukraine.
However, Quinn gambled his empire, which had been built onthe cement and insurance industries, on the international property markets by buying commercial buildings in places as far flung as Belize and the Ukraine. His lawyers said they would appeal against the sentence.
His lawyers said they would appeal the prison sentence.