Oct. 17 (Bloomberg) -- Sean Quinn Jr., the son of a former billionaire that had been Ireland’s richest man, lost a Supreme Court appeal against his three-month imprisonment following his conviction in July for contempt of court.
High Court Judge Elizabeth Dunne sentenced him on July 20 to three months in jail after he failed to disclose assets in line with a court order. The younger Quinn, his father and cousin Peter Darragh Quinn continued to place assets beyond the reach of nationalized Irish Bank Resolution Corp., formerly Anglo Irish Bank Corp., after the court ordered them to stop last year, Dunne said on June 26.
Lawyers for IBRC, which is owed about 2.8 billion euros ($3.7 billion) by the Quinn family, can apply for a new order to extend Sean Quinn Jr.’s imprisonment when his three-month sentence ends, according to the ruling, handed out to reporters in Dublin today. His father is scheduled to appear in court again on Oct. 19.
The elder Quinn said “it’s very likely” he’ll face prison for contempt of court, according to an interview with the bankrupt businessman, aired by RTE Radio on July 29. He said his family lost 3.29 billion euros investing in Anglo Irish before it was nationalized more than three years ago.
“I regret ever hearing the name of the bank,” he said in the interview. “I’ve done everything in my power to purge my contempt.”
Quinn’s fortune was valued at $6 billion by Forbes in 2008. He was declared bankrupt in January after a court ruled he owed IBRC 2.16 billion euros.
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