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Dublin: 0 °C Monday 30 March, 2020

Sean Quinn ordered to repay €1.6 billion

Businessman Quinn has been ordered by the Commercial Court to repay €1.6 billion to the IBRC, formerly known as Anglo Irish Bank.

Sean Quinn during a rare interview with RTE in 2009
Sean Quinn during a rare interview with RTE in 2009
Image: TheQuinnGroup via YouTube

BANKRUPT BUSINESSMAN SEAN Quinn has been ordered by the Commercial Court in Dublin to pay more than €1.6 billion to the former Anglo Irish Bank.

The total sum involves €1.52 billion, $589 million and 13 billion Japanese yen.

The court had already last week ordered Quinn to pay €417 million to the company – bringing the total amount he has to pay to over €2 billion, according to RTE News.

Simon Carswell, author of the book ‘Anglo Republic – Inside the bank that broke Ireland’ and finance correspondent with the Irish Times, tweeted that the judgement “must be among the biggest – if not the biggest – personal court-order debts against an individual”.

The bank’s claim of the further €1.6 billion had been adjourned until today in order to give the receiver in charge of Quinn’s bankruptcy hearing in Northern Ireland an opportunity to challenge the claim if he so wished.

However the receiver today said he would be making no application in relation to the order.

Sean Quinn did not take part in today’s proceedings.

Anglo Irish Bank – now known as the Irish Bank Resolution Corporation – took control of Quinn’s business empire earlier this year after he was unable to repay €2.8 billion in loans he took out the bank.

The IBRC is planning to contest Quinn’s application for bankruptcy, according to the Irish Times.

In an interview last week, Quinn said that he is determined to fight on, despite feeling that he has been “kicked around”.

Read more: Sean Quinn – “What happened over the last two years shouldn’t have happened” >

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