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Bankrupt ex-billionaire Sean Quinn avoids jail after being held in contempt of court

Sean Quinn given three weeks to comply with judges orders

ANTOINETTE KELLY,

IrishCentral.com Staff Writer

Published Saturday, June 30, 2012, 9:01 AM

Updated Saturday, June 30, 2012, 9:01 AM

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Sean Quinn

Photo by Irish Times

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.

Nster.com

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esatdigiwank | Jul 02, 2012, 05:42 AM EDT

If you are an ordinary businessman who avoids import duty tax on garlic from outside the EU, you get 6 years gaol. But if you are SQ who knowingly borrow $$$millions from lets say Anglo-I in order to bet on Their share price fluctuation & fail, different story. You see Insider Dealing is legal here! >>>>Bythebay - no Anglo-I depositors lost their funds; don't you recall the 'Soldiers of Infamy used the State as collateral to back up private deposits And private debts??

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Portia777 | Jul 01, 2012, 07:28 PM EDT

He should never have made the Sidhe homeless. he knew the consequences.

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Portia777 | Jul 01, 2012, 07:27 PM EDT

Strange how you get jail if you steal a loaf of bread, but escape jail for stealing millions?

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Bythebay | Jul 01, 2012, 01:19 PM EDT

Quinn is a despicable example of pillaging the monetary system for his own ends with complete disregard of its consequences. Loans with no collateral, hiding money offshore and not paying taxes, further hiding it through family members. He caused the fall of Anglo Irish bank and the disappearance of thousands of Irish people's savings with its collapse. Another case where the British soundrels were replaced by Irish ones except the Irish ones were even worse.

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citizen69 | Jul 01, 2012, 07:48 AM EDT

Funny how the milionaires usually seem to escape jail isn't it?

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KevinKehoe | Jun 30, 2012, 04:47 PM EDT

[1]Theres nothing wrong with being a great entrepreneur or wealthy. However there is something wrong when your part of a golden circle of corrupt politicians and bankers who up to now were untouchable. The cut and trust of it is the crooks who ran Anglo Irish Bank borrowed billions from foreign banks and spread it among the circle. In Quinn & Co’s case the bank gave him the money to buy shares in its own bank among other things. When Lehmann bros collapsed and the Shi- hit the Fan the rest of the world was effected but none more so than Anglo. The immoral crooks who were part of this circle moved there assets which was bought with the borrowed billions out of the the country. Heres the catch : the corrupt Fianna Fail government who were in bed with these Gangsters then guaranteed these depths, thus passing on the bill to there fellow citizens [every man women & child in Ireland].

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KevinKehoe | Jun 30, 2012, 04:46 PM EDT

[2] In the rest of the civilized world crooks like these are jailed but not in dear old Ireland. The good people of Ireland will not lose any sleep if the likes of the Quinn’s are jailed, but they are losing sleep because of the depth passed on to them and knowing well that so far none of the self righteous greedy crooks who destroyed and deserted our country have been brought to justice none are likely to. Sure the new government are already playing golf with some of the same crooks, what the hell ?.

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irishpjk | Jun 30, 2012, 01:59 PM EDT

Sean Quinn’s business was doing fine until government interfered and scared the people into worrying that Quinn was going under, the people pulled out and when you pull out it leaves a mess to clean up. Anything governments get involved in will go downhill in a hurry. And that’s what I think.

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jimmybb | Jun 30, 2012, 12:05 PM EDT

how dare they even contemplate jailing this great entrepruneur ireland needs more of people like sean quinn to demonstrate what it is to be self made billionaire hes a genius an am shocked as an xpat living in the usa that they would treat a great man like this

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