Bloomberg News

Ex-Billionaire Quinn Says Anglo Irish Cost Family $4.1 Billion

July 29, 2012

Bankrupt Irish businessman Sean Quinn, once the country’s richest man, said his family lost 3.29 billion euros ($4.1 billion) investing in Anglo Irish Bank Corp. before it was nationalized three years ago.

“I regret ever hearing the name” of the bank, Quinn said in an interview aired by RTE Radio today.

Quinn said “it’s very likely” he’ll face prison for contempt of court after his son, Sean Quinn Jr., was jailed on July 20 for the same offense. Ireland’s High Court found both men and the elder Quinn’s nephew Peter Darragh Quinn in contempt of court last month for putting assets outside of the reach of Anglo Irish’s successor, Irish Bank Resolution Corp. “I’ve done everything in my power to purge my contempt,” he told RTE.

Quinn’s fortune was valued at $6 billion by Forbes in 2008. He was declared bankrupt in January after a court ruled he owed IBRC 2.16 billion euros.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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