Ireland: Irish tycoon Quinn goes bankrupt

SEAN Quinn, once Ireland’s richest man, has declared himself bankrupt in a Belfast court over debts of 2 billion euro (�1.7 billion) to the former Anglo-Irish Bank, the former tycoon has confirmed.

The entrepreneur’s multibillion empire collapsed over the last two years on the back of massive and secret stock market gambles on the share price of the now nationalised rogue lender.

Mr Quinn, whose success was a true rags-to-riches story having been built on a �100 loan, said he had done everything he could to avoid the drastic step.

“I have done absolutely everything in my power to avoid taking this drastic decision,” Mr Quinn said.

“The vast majority of debt that Anglo maintains is owed is strenuously disputed.

“However, I cannot now pay those loans which are due, following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building. I find myself left with no other alternative.”

Mr Quinn was reputedly worth 4.72 billion euro (�3.7 billion) at the height of his business success.