29 Nov 2011

Judgement issued against former billionaire

10:07 am on 29 November 2011

An Irish court has ordered the country's former richest man to repay more than 1.6 billion euros to a state-owned bank.

The ruling was made at the Commercial Court in Dublin against Sean Quinn, 64.

The total involves 1.52 billion euros, $US589 million and 13 billion Japanese yen. Mr Quinn did not attend the proceedings.

His business empire collapsed after a disastrous investment in Anglo Irish Bank before its nationalisation in 2009.

Anglo Irish Bank has come to symbolise the lending at the heart of Ireland's financial crisis.

The official receiver in charge of Mr Quinn's bankruptcy in Northern Ireland indicated he would be making no application to challenge the order.

Last week, the court granted summary judgment against Mr Quinn to IBRC for almost 417 million euros.

The BBC reports Mr Quinn was reputedly worth £3.7 billion at the height of his success and was Ireland's richest man.

In April, he lost control of his insurance and manufacturing businesses and the former Anglo-Irish bank has been pursuing him through the courts to retrieve the debt.