The assets of Sean Quinn, formerly Ireland’s richest man, have been revealed in his bankruptcy statement.
The self made former billionaire has $386 (€300) in cash, $14,401 (€11,171) in the bank, and a pension bond with Irish Life worth €159,951, according to a draft statement of affairs for the Irish Bankruptcy Assignee, Chris Lehane.
The Irish Times reports that Quinn’s assets include a 2004 Mercedes Benz S600, and an undisclosed amount of forestry land in Co. Fermanagh worth $32,227 (€25,000). According to the documents, he does not own the family home in Ballyconnell, Co Cavan.
From billionaire to bankrupt, Quinn was featured in the Forbes magazine's 2008 Rich List as the most wealthiest person in Ireland.
Quinn said the draft statements were “a true reflection of my assets and liabilities.”
The business tycoon is involved with a legal battle with the formerAnglo Irish Bank, who claims Quinn owes them $3.6 billion )€2.8bn). He disputes these allegations.
When he filed for bankruptcy last year, Quinn gave a statement of his financial assets to the Belfast Courts, where he said his monthly outgoings were $1,920 (£1,200) in utility bills, $160 (£100) for clothes, $128 (£80) for travel, $240 (£150) for phone charges and $1,360 (£850) for cleaning and food bills. These details were not included in the statement issued for the Irish bankruptcy process.
In June, Quinn was found guilty of contempt of court for moving assets abroad out of the reach of Anglo Irish Bank.
Why all Irish men’s beards are red