November 11, 2011

Ireland’s former richest man Sean Quinn has declared himself bankrupt, Insurance Age reports this week.

“I am not seeking any favours,” the former billionaire declared as he sought the protection of the High Court in Belfast over an alleged EUR2.8bn debt to Anglo Irish Bank.

As a County Fermanagh man born and bred, it makes obvious sense that the formerly mighty Quinn, should seek Bankruptcy protection North of the Border – particularly as he’ll only have to wait 12 months be discharged that way, rather than 12 years if he’d filed in the Republic.

Nor was he seeking any favours from his loyal ex-colleagues and supporters, of whom he said simply and movingly that “I know and am also grateful for the fact that these people will continue to be supportive.”

Undone by his use of CFD financial products to recklessly gamble EUR750m borrowed from Quinn Group and other family companies on the rising value of shares Anglo Irish Bank, which then tanked in 2007, Quinn appealed to the Fourth Estate’s sense of fair play.

“I have been portrayed as a reckless gambler,” he protested.

“I would urge the media to restore some objectivity to their reporting,” he urged, “on affairs relating to my family and me.”

Whether or not the media will feel inclined to do Mr Quinn any favours, however, remains open to question.


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