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| Bankrupt billionaire Sean Quinn jailed for contempt | Bankrupt billionaire Sean Quinn jailed for contempt |
| (4 months later) | |
| In a fall from grace that personifies the ignominious collapse of the Celtic Tiger, Sean Quinn, once Ireland's wealthiest man, has been sent to jail for contempt of court. The bankrupt ex-billionaire will serve a nine-week sentence, the Dublin high court ruled on Friday. | In a fall from grace that personifies the ignominious collapse of the Celtic Tiger, Sean Quinn, once Ireland's wealthiest man, has been sent to jail for contempt of court. The bankrupt ex-billionaire will serve a nine-week sentence, the Dublin high court ruled on Friday. |
| Quinn was jailed for preventing the seizure of his international assets, worth tens of millions of euros, which the state-owned Irish Bank Resolution Corporation won the right to recover in June. | Quinn was jailed for preventing the seizure of his international assets, worth tens of millions of euros, which the state-owned Irish Bank Resolution Corporation won the right to recover in June. |
| The IBRC is the former Anglo Irish Bank, which lent the Quinn family hundreds of millions of euros to invest in property around the world. | The IBRC is the former Anglo Irish Bank, which lent the Quinn family hundreds of millions of euros to invest in property around the world. |
| Justice Elizabeth Dunne told the businessman she had no choice but to sentence him for contempt of court and his role in a scheme that put the family's €500m (£400m) international property empire beyond the reach of the bank. | Justice Elizabeth Dunne told the businessman she had no choice but to sentence him for contempt of court and his role in a scheme that put the family's €500m (£400m) international property empire beyond the reach of the bank. |
| Quinn is said to owe the IBRC €2.8bn after running up unprecedented losses through stock investments in the bank as its share price collapsed. The family admits it owes €455m but has refused the claim on the rest and has begun a counter-case against the bank relating to a loans deal. | Quinn is said to owe the IBRC €2.8bn after running up unprecedented losses through stock investments in the bank as its share price collapsed. The family admits it owes €455m but has refused the claim on the rest and has begun a counter-case against the bank relating to a loans deal. |
| The IBRC is seeking to recover some of the Quinn property assets on behalf of the Irish taxpayer. | The IBRC is seeking to recover some of the Quinn property assets on behalf of the Irish taxpayer. |
| On Friday the court rejected appeals from Quinn's Belfast-based legal team that the 66-year-old was too old and ill to serve a jail sentence. His son Sean Quinn Jr has served a three-month sentence for contempt. | On Friday the court rejected appeals from Quinn's Belfast-based legal team that the 66-year-old was too old and ill to serve a jail sentence. His son Sean Quinn Jr has served a three-month sentence for contempt. |
| Quinn Sr's release date has been set for 22 December – allowing him to attend a granddaughter's baptism that day and enjoy Christmas with his family. His solicitor, Kevin Winters, has said the Quinn family will make a formal request to the prison service for compassionate release. | Quinn Sr's release date has been set for 22 December – allowing him to attend a granddaughter's baptism that day and enjoy Christmas with his family. His solicitor, Kevin Winters, has said the Quinn family will make a formal request to the prison service for compassionate release. |
| A warrant is out for Quinn Sr's nephew, Peter Quinn, who has fled to Northern Ireland and cannot be extradited to the Republic, as it is a civil case. | A warrant is out for Quinn Sr's nephew, Peter Quinn, who has fled to Northern Ireland and cannot be extradited to the Republic, as it is a civil case. |
| The nationalised bank argued in court this week that a meeting between itself and the family had been "wholly unproductive" in terms of producing an agreement to hand over assets. | The nationalised bank argued in court this week that a meeting between itself and the family had been "wholly unproductive" in terms of producing an agreement to hand over assets. |
| Quinn Sr has argued he was tricked into borrowing up to €2bn by Anglo Irish Bank during the Irish property boom, a defence the Dublin high court rejected. | Quinn Sr has argued he was tricked into borrowing up to €2bn by Anglo Irish Bank during the Irish property boom, a defence the Dublin high court rejected. |
| During this week's hearing Quinn Sr was described as someone who was "a leading light of the Celtic Tiger". His defence team pointed out that the businessman had never avoided paying tax by using offshore schemes and created thousands of jobs, particularly in the border region. | During this week's hearing Quinn Sr was described as someone who was "a leading light of the Celtic Tiger". His defence team pointed out that the businessman had never avoided paying tax by using offshore schemes and created thousands of jobs, particularly in the border region. |
| However, he gambled his empire, which had been built on the cement and insurance industries, on the international property markets by buying commercial buildings in places as far flung as Belize and the Ukraine. | However, he gambled his empire, which had been built on the cement and insurance industries, on the international property markets by buying commercial buildings in places as far flung as Belize and the Ukraine. |
| His lawyers said they would appeal against the sentence. | His lawyers said they would appeal against the sentence. |
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