Irish tycoon Sean Quinn, who was once thought to be one of Ireland’s richest men, has been declared bankrupt, reports the BBC.
Quinn reportedly owes debt to the Anglo Irish bank amounting to €2.8 billion ($3.8 billion). He had previously been stripped of his manufacturing and insurance businesses in April.
At the peak of his business success, Quinn was estimated to be worth €4.72 billion ($6.45 billion).
The Guardian reports that Quinn says the majority of the loans owed to the bank are disputed. However, he did concede that he couldn’t pay back €194 million ($265 million) in property loans that he owes to the bank.
Despite running his business in Ireland, Quinn filed for bankruptcy in Northern Ireland based on the fact that he was born and raised there. This move allows him to re-enter business in one year where as a filing in Ireland would have resulted in a 12 year ban.
The Guardian adds that it has been reported that Quinn borrowed hundreds of millions of euros from the Anglo Irish bank to acquire properties all over the world in locations across Russia, the Middle East and North America.
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