Sean Quinn Jr, son of bankrupt former billionaire Sean Quinn, has lost an appeal to overturn sentences imposed on him for contempt of court and asset stripping and was ordered to complete his three month prison term by Ireland’s highest court today.
According to the Belfast Telegraph, Quinn Jr was ordered back to jail after challenging rulings that he was guilty of involvement with a payment of 381,000 euro to Larissa Puga, the then general director of Quinn Properties Ukraine, the day before the company was bought by the Anglo Irish Bank (now the Irish Bank Resolution Corporation).
However, the 33-year-old did get the ruling overturned which meant that he would stay in jail as long as his family did not reverse asset stripping. Justice Niall Fennelly stated that Quinn Jr must now disclose all his involvement with Quinn related companies.
In the ruling Justice Niall Fennelly said, "There was no distinct consideration in the High Court on July 20 2012 of the question of whether the appellant should be committed to prison until such time as he should purge his contempt in respect of his participation in the payment of 500,000 US dollars considered on its own.
"Thus, the order now made does not prevent the bank from making a further application to the High Court in that respect."
The troubles do not end there for Quinn Jr, and the businessman will return to the High Court, along with his father on Friday, where both men could face jail time over their refusal to reverse a plot that puts assets out of the reach of the Irish Bank Resolution Corporation.
Sean Quinn Sr, formerly the richest man in Ireland, has separate legal headaches however as the court is investigating if he has fulfilled any of the orders imposed on him to reverse the plot of removed assets in a bid to pay back the €280 million which he owes to the Irish Bank Resolution Corporation. If the court is not satisfied with his efforts, the founder of the Quinn Group may face a prison sentence of his own.