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| Ireland's former richest man Sean Quinn freed from jail | |
| (about 3 hours later) | |
| Bankrupt billionaire Sean Quinn, once Ireland's richest man, was freed from prison on Thursday. The 66-year-old left Mountjoy prison in Dublin shortly after 9am after serving a nine-week sentence for contempt of court. Quinn, above, who once ran a business empire encompassing cement works, insurance corporations and a global property portfolio, was jailed over his family's refusal to hand over nearly €3bn (£2.5bn) of assets to the nationalised Anglo Irish Bank. | Bankrupt billionaire Sean Quinn, once Ireland's richest man, was freed from prison on Thursday. The 66-year-old left Mountjoy prison in Dublin shortly after 9am after serving a nine-week sentence for contempt of court. Quinn, above, who once ran a business empire encompassing cement works, insurance corporations and a global property portfolio, was jailed over his family's refusal to hand over nearly €3bn (£2.5bn) of assets to the nationalised Anglo Irish Bank. |
| Sent to prison last year with his son Sean Junior, he personified the collapse of the Celtic Tiger economy and its over-emphasis on exploiting Ireland's overheated property market. He and his family stood accused of hiding about €2.8bn from the Irish Bank Resolution Corporation – the new name for the now state-owned Anglo Irish Bank. Lawyers for the IBRC argued that the assets, many of which are in accounts and investments abroad, now belong to the Irish taxpayer. Billions of euros of Irish taxpayers' money were used to save the bank from complete collapse along with almost all the other Irish banks following the property crash. The country's high-street banks were essentially cash cows for property speculation during the economic boom. | Sent to prison last year with his son Sean Junior, he personified the collapse of the Celtic Tiger economy and its over-emphasis on exploiting Ireland's overheated property market. He and his family stood accused of hiding about €2.8bn from the Irish Bank Resolution Corporation – the new name for the now state-owned Anglo Irish Bank. Lawyers for the IBRC argued that the assets, many of which are in accounts and investments abroad, now belong to the Irish taxpayer. Billions of euros of Irish taxpayers' money were used to save the bank from complete collapse along with almost all the other Irish banks following the property crash. The country's high-street banks were essentially cash cows for property speculation during the economic boom. |
| When handing down the jail sentence last year on Quinn senior, Ms Justice Elizabeth Dunne said: "In my view, he has only himself to blame." Many in Ireland regard Quinn's decision to borrow hundreds of millions to buy properties across the global as a fatal gamble which put his long-standing businesses at peril. | When handing down the jail sentence last year on Quinn senior, Ms Justice Elizabeth Dunne said: "In my view, he has only himself to blame." Many in Ireland regard Quinn's decision to borrow hundreds of millions to buy properties across the global as a fatal gamble which put his long-standing businesses at peril. |
| In July, Dublin high court ruled that Sean Quinn senior, his son, and his nephew, Peter Darragh Quinn, were in contempt of court. Sean Quinn junior spent three months in jail, but Darragh Quinn did not show up for sentencing in July and a warrant for his arrest was issued. He has remained over the border in Northern Ireland, outside the Dublin court's jurisdiction. | In July, Dublin high court ruled that Sean Quinn senior, his son, and his nephew, Peter Darragh Quinn, were in contempt of court. Sean Quinn junior spent three months in jail, but Darragh Quinn did not show up for sentencing in July and a warrant for his arrest was issued. He has remained over the border in Northern Ireland, outside the Dublin court's jurisdiction. |
| Sean Quinn senior was granted temporary release for Christmas Eve, Christmas Day and Boxing Day on compassionate grounds. | Sean Quinn senior was granted temporary release for Christmas Eve, Christmas Day and Boxing Day on compassionate grounds. |
| He was reported to have been in jovial form following the christening of his granddaughter at Staghall Church near Belturbet, Co Cavan on Boxing Day before returning to Mountjoy. | He was reported to have been in jovial form following the christening of his granddaughter at Staghall Church near Belturbet, Co Cavan on Boxing Day before returning to Mountjoy. |
| On Quinn's return to prison last week, family friend Fr Gerry Comiskey said: "He's not a bit worried, he knows it's almost over … He's extremely grateful to everyone for their support." | On Quinn's return to prison last week, family friend Fr Gerry Comiskey said: "He's not a bit worried, he knows it's almost over … He's extremely grateful to everyone for their support." |
| While much of Ireland showed little sympathy for the Quinns given the amount of public money needed to shore up Anglo Irish Bank in the wake of his and other property speculators' gambling, he retains huge support in border counties where he built his original businesses. Thousands of supporters, including many who have been in his employment, turned out last year at a mass rally for the Quinn family. | While much of Ireland showed little sympathy for the Quinns given the amount of public money needed to shore up Anglo Irish Bank in the wake of his and other property speculators' gambling, he retains huge support in border counties where he built his original businesses. Thousands of supporters, including many who have been in his employment, turned out last year at a mass rally for the Quinn family. |
| In Virginia, County Cavan, on Monday a forklift truck in the town's main street held up a giant poster saying: "Welcome home, Sean Quinn." | In Virginia, County Cavan, on Monday a forklift truck in the town's main street held up a giant poster saying: "Welcome home, Sean Quinn." |