Quinn ordered to repay €2bn debt

Published Monday, 28 November 2011
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A Dublin court has ordered bankrupt Co Fermanagh businessman Sean Quinn to repay over €2.1bn in debts to the rebranded Anglo-Irish Bank.

The 64-year-old tycoon - who was once said to be Ireland's richest man - has been hit with two separate judgements of €1.74bn and €416m over loans from the now nationalised lender.

Management at the Irish Bank Resolution Corporation (IBRC) has vowed to pursue Mr Quinn for the full amount, even though he filed for bankruptcy in Belfast.

Mr Quinn did not attend the proceedings on Monday, however a statement said: "Today's action by Anglo Irish Bank (Anglo) in my view is totally pointless, self-serving and vindictive.

"In no way does it improve the Bank's prospects of recovering money for the taxpayer.

"I have absolutely no doubt that maximising recovery is not Anglo's first priority, due to their actions over the last couple of years."

Mr Quinn declared himself bankrupt at Belfast High Court after admitting debts of €200m - the biggest personal bankruptcy in Irish history.

However the bank is challenging this after the application was made in NI, rather than the Republic, where the former cement, insurance, hotels and industrial magnate lives.

He has been disqualified from owning a business for 12 months - however, if he declared in the Republic, he would have been disqualified for 12 years.

His statement continued: "It is becoming all the more apparent, that there is absolutely no regard for the wasting of public funds to pursue pointless legal appeals which is of no possible financial benefit.

"It is clear that the motivation for this appeal is to ensure that I could never possibly create another single job again in my lifetime, as they may feel that this would be a PR embarrassment that they could not afford."

Mike Aynsley, chief executive of the IBRC, said the bank is committed to challenging Mr Quinn's application north of the border.

He said: "Mr Quinn gave the bank guarantees and indemnities in respect of extensive borrowings which benefited Quinn companies and Quinn family members.

"Today's Commercial Court judgement gives clear, unambiguous recognition to the legal obligations of Mr Quinn in relation to these guarantees and that is welcomed today by IBRC.

"Given the massive cost to the Irish people in preventing this bank from collapse, it is imperative that we seek to recover as much of this debt as feasible for the Irish taxpayer."

The case goes to a full two-day hearing starting on 19 December in the High Court in Belfast.

Mr Quinn is expected to attend in case a judge calls on him to clarify his bankruptcy application.

He says he only has €11,000 in the bank.

His statement adds: "I am greatly saddened that the State, which I always supported through creating jobs and generating revenues, is now bent on destroying the jobs created.

"I would ask that commentators reserve judgement until all facts are considered by the Courts and would hope that there are no further attempts at political interference in ongoing legal disputes."

© UTV News
Comments Comments
Chris in Rathfriland wrote (1,153 days ago):
Because he may have employed a quarter of Fermanagh, doesn't make him untouchable, if Joe Bloggs had to repay his debt so should Sean Quinn!!! Is he above everyone else?
David in BELFAST wrote (1,153 days ago):
Why shouldnt he pay back all that he owes. At the end of the day when he was doing well for himself he and his family was leading a lavish champagne lifestyle. If things are bad now then welcome to the real world Mr Quinn. We are all finding it hard to cope at the minute with rising energy prices, cost of living etc. Maybe we should all take the "EASY" way out like you and declare ourselves bankrupt. After all you will have all your debts written off and you can start rebuilding your empire again a year later.
Claire Flanagan in Enniskillen wrote (1,153 days ago):
Wishing Sean Quinn all the best. Only for Sean Quinn a quarter of County Fermanagh would not be employed . Dirty Politics is what this is all about. Hoping & Praying Sean Quinn wins this case.
NORMAN.D in BANGOR wrote (1,153 days ago):
this man was motivated by greed and gambled money on shares and lost have no sympathy for these investors who have created this mess we are in with their greed and walk away while thousands of workers pick up the peices
G in Tyrone wrote (1,153 days ago):
They make him a scape goat and then kick him when he's down.
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