Sean Quinn Photo by: Irish Times

Sean Quinn maintains that although he was foolish he does not owe Anglo Irish $3.1 billion


Sean Quinn Photo by: Irish Times

Bankrupt businessman Sean Quinn has admitted he made some unwise decisions but he is adamant that his family does not owe the Irish taxpayer any money.

In an exclusive interview with Vincent Browne on TV3 this week Quinn also accused the Irish media of taking sides with Anglo Irish Bank. 

The current high court case has taken a toll on his family he added.

According to the Irish Independent Quinn, formerly the richest man in the country, claimed that he and his family were not liable for a $3.1 billion debt from buying Anglo Irish Bank shares, although he admitted he had been 'reckless' in doing the deal.

'On hindsight now, was I reckless, was I wrong, was I foolish? Yes, I accept that,' he told Browne. Quinn added he and his family would pay their debts because 'we didn't want to feel that it could be said that we owed the taxpayer any money.'

But Quinn then contradicted himself and said he didn't actually owe the money, it was owed by the Quinn Group which is now owned by the state owned Irish Bank Resolution Corporation (IBRC), which was set up after the transfer of business from the failing Anglo Irish Bank.

'It's not me or the family owes the $3.1 billion. The $3.1 billion was borrowed by Quinn Group companies, the IBRC own them, they should be capable of paying them all back.

'If they're not, how can they blame me? I promised to pay them back, if they let me manage, to keep the companies.

'It is not my fault if they go and take the company off me and then they are not able to pay them back,' Quinn concluded.

Meanwhile an Irish judge has slammed Quinn for carrying out an elaborate scheme that 'reeked of dishonesty and sharp practice' aimed at keeping millions out of the hands of the former Anglo Irish Bank.


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