Once Ireland's richest man, Sean Quinn was found guilty of contempt yesterday and may end up behind bars after a court ruled the bankrupt businessman had blocked a state bank from seizing property worth hundreds of millions of euros.
Quinn, 65, whose €4bn (£3.2bn) business empire collapsed after a disastrous investment in the now-nationalised Anglo Irish Bank, is being pursued by the bank for debts of almost €3bn. The Irish Banking Resolution Corporation (IBRC), created from the remains of Anglo, asked the High Court to declare Quinn in contempt for violating an order not to interfere with foreign assets worth an estimated €500m.
"His evidence is not credible," said Justice Elizabeth Dunne. "They have engaged in a complex series of steps designed to put the assets beyond reach... in a blatant, dishonest and deceitful manner," she said, referring to the Quinn family. Quinn will be sentenced on Friday.