How The Former Richest Man In Ireland Lost His Fortune

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splits: 11

The monetary disaster that kicked off in 2008 brought about excessive monetary devastation around the globe. or many individuals. Many, many individuals misplaced some huge cash. However not many misplaced as a lot as Sean Quinn, nevertheless. Instantly previous to 2008, Sean’s $6 billion net worth made him the richest person in Ireland. By 2012, he was submitting for chapter.

Sean was the proprietor of the Quinn Group. At its peak, the financial institution was price $5 billion and represented half of Quinn’s wealth.

Court docket case after court docket case in opposition to Quinn additional chipped away at his net worth till he was bankrupt. It took Sean Quinn simply 4 years to go from a $6 billion net worth to $0. Quinn was additionally jailed for 3 months in November 2012 for contempt of court docket.

Here is the story of how Sean Quinn went from the richest individual in Ireland to bankrupt in only a few years…

(Photograph by PETER MUHLY/AFP through Getty Photos)

Sean Quinn received his begin in 1973 when he borrowed roughly $100 and began extracting gravel from his household’s farm. He washed the gravel and offered it to native builders. Sean Quinn Quarries, Ltd. was his first huge success.

Subsequent, Sean based the Quinn Group and received into the hospitality business with Quinn Lodges. He additionally based Quinn Glass, Quinn Lite Pac, Quinn Monetary Companies, and Quinn Direct Insurance coverage.

In January 2007, the Quinn Group purchased Bupa Ireland, the nation’s second-largest medical health insurance firm, rescuing it and constructing it again up. That very same month, Quinn elevated his state within the Anglo Irish Financial institution, which he financed by way of Credit score Suisse. Quinn had a 28% stake within the financial institution on the time it collapsed in late 2008 and worn out his an enormous chunk of his fortune.

It took Quinn a long time to construct his empire and simply at some point for collectors to grab each final facet of it. Safety groups combed by way of the workplaces, modified the locks, and escorted executives and staff out. They didn’t go quietly. A number of hundred of Quinn’s supporters delivered a letter of protest by pushing their well beyond the safety guards and into the constructing that previously housed Quinn’s empire. It was chaos. In the midst of all of it, somebody stole a dump truck and drove it into the entrance gates. Whereas this was occurring, Quinn was working to get reinstated as the pinnacle of his empire. He labored from a tire manufacturing facility owned by the brother of certainly one of his prime executives.

An Irish consortium, backed by American buyers, purchased a part of his empire. The new homeowners of the Quinn Group’s belongings turned the enterprise round, however regardless of this, Quinn considers the brand new homeowners traitors. In the summer time of 2012, Quinn led a rally and march by way of the city of Ballyconnell that drew hundreds. The impoverished space was largely grateful to Quinn for many years of jobs in his enterprise. His supporters held indicators calling the dismantling of Quinn’s empire a rip-off. A priest even gave a speech in Quinn’s honor.

In the meantime, Quinn was shuffling a whole lot of thousands and thousands price of actual property between offshore firms the place the federal government debt collectors in Ireland could not seize them. He went to trial and claimed no information of those transactions. The choose wasn’t shopping for it and he was sentenced to 9 weeks in jail in November 2012 for contempt of court docket. A neighborhood songwriter wrote a protest tune for Quinn. The refrain mentioned, “Sean Quinn will get his victory, simply you wait and see.”

Quinn emerged from chapter in 2015. His subsequent act? Maybe appropriately, he based the web playing firm Quinn Guess in 2015.


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