DUBLIN: An Irish court sentenced bankrupt former billionaire Sean Quinn, once dubbed the richest man in Ireland, to nine weeks in jail on Friday for contempt of court.
Quinn was jailed by the High Court in Dublin for putting assets beyond the reach of the Irish Bank Resolution Corporation (IBRC), the state-run shell of the failed Anglo Irish Bank.
In June Quinn, 66, was found in contempt by the court, but the case was adjourned to allow him to reverse the transfer of the assets owned by his Quinn Group of companies.
Quinn, who was reportedly worth 4.7 billion euros ($6 billion) at the height of Ireland's "Celtic Tiger" boom, lost a fortune in Anglo Irish Bank shares as the bank collapsed amid the financial crisis.
The Irish high court declared him bankrupt in January after an application brought by troubled Anglo Irish, which collapsed amid the global financial crisis and is now called the IBRC.
The IBRC says Quinn owes it more than 2.8 billion euros.
Quinn says his Quinn group of companies, which has been stripped from him, owes the former bank 2.3 billion euros, and not him personally. He accepts a liability of 455 million euros.
Comments
Comments are closed.