Bankrupt ex-billionaire Sean Quinn avoids jail after being held in contempt of court
Sean Quinn given three weeks to comply with judges orders
Ireland’s former wealthiest businessman has avoided jail after he was found in contempt of court in Dublin this week.
Last Tuesday, Sean Quinn, his son Sean, and nephew Peter Darragh were found guilty of contempt by the High Court after it emerged they had tried to hide a €500 million ($634 million) property portfolio from the now defunct Anglo Irish Bank.
Quinn’s multi billion business empire collapsed after he made a disastrous investment in the now-nationalized Anglo Irish Bank. The bank, renamed the Irish Bank Resolution Corporation (IBRC), is pursuing Quinn for debts of almost €3 billion ($3.73 billion). This week it emerged the businessman had attempted hide their assets by moving holdings in the Ukraine and Russia.
In Dublin‘s High Court, Mrs Justice Elizabeth Dunne said the three men had been dishonest and deceitful when they were questioned about their assets.
Instead of imposing a custodial sentence, the judge gave the former billionaire three weeks to co-operate with IBRC.
"I find it disappointing, at even this late stage, there seems to be no acknowledgement of the wrongdoing that has been done by the respondents in relation to specific matters that have been done," Justice Quinn said in her remarks.
BBC News reports Justice Quinn made a number of orders which must be complied with by July 20 including:
• Full disclosure of all assets worldwide in which the three hold an interest;
• A receiver be appointed over all assets, except for family homes and joint accounts;
• The men must resign from the board of directors or from any managerial role in any company or body within the International Property Group (IPG)
The case will re-adjourn on July 20.
- The New York Times questions Ireland’s highly-p
- Gay wedding cakes latest target of anti-gay...
- Bah! Humbug! The ten worst things about Christm
- Spanish judge slams Ryanair’s sexist air...
- Racist incidents in Ireland up by 85 percent...
- No Irish prosecution for man named as world’s...
- Offensive NFL sign outside restaurant just...
- Ireland crowned “Top Tourist Destination”...
- How the Irish celebrate Christmas has changed...
- Dublin cops foil hit on drug kingpin John...
This article has been shown to be wrong in almost every 'fact' it stated. The pigeon hunter is furious! LOLThe New York Times questions Ireland’s highly-praised economic recovery
"RECOVERY" My Arse The Country is in so much debt just about paying interest while borrowing 1 bl per month They have just been caught robbiThe New York Times questions Ireland’s highly-praised economic recovery
A bit of sleight of hand, I think. Rather than look into cleaning up the economy in the US, they'd rather try to find someone worse off. I wonder if tOffensive NFL sign outside restaurant just a symptom of a larger problem
Hi Chuck, if we get rid of red, what will Carl Rove do? After all it was his idea to associate red with the Republican Party.