Sean Quinn is an Irish businessman who was once the richest person in Ireland, with a net worth estimated at $6 billion. He declared bankruptcy in 2011 and now has a net worth of just $100,000.
He made his fortune as the creator and proprietor of the QUINN Group, a family-run conglomerate that manufactures construction supplies, provides lodging, and manages properties.
Who is Sean Quinn?
Sean Qu inn
was born John Quinn on December 5, 1947, in Derrylin, County Fermanagh, Northern Ireland. Growing up, he played Gaelic football with his older brother, Peter. Peter went on to become President of the Gaelic Athletic Association in 1991.
Quinn filed for bankruptcy in Northern Ireland in late 2011 and was declared bankrupt in Ireland in early 2012, owing mostly to his debt to Anglo Anglo-Irish Bank, which nearly failed during the global financial slump in 2008.
In November 2012, he was imprisoned for three months for contempt of court after allegedly engaging in asset stripping by negotiating a $500,000 payment to the general director of Quinn Properties Ukraine just before losing control of the company. Sean Quinn’s net worth dropped from $6 billion to $0 in just four years.
How old is Sean Quinn?
He is currently 76 years old.
What is Sean Quinn’s net worth?
He is estimated to be worth $100 Thousand.
What is Sean Quinn’s career?
In 1973, Quinn borrowed £100 and began excavating gravel from his family’s land, washing it, and selling it to local builders. He quickly converted this into a quarrying company called Quinn Cement, which eventually grew into the QUINN Group. The corporation grew by diversifying into several industries such as manufacturing, real estate, and property management. It made cement and concrete, container glass, radiators, and plastics, among other building materials. In 1996, the corporation established its financial services section.
QUINN Group continued to broaden its portfolio throughout time, and by the twenty-first century, it had established several hotels, making it a significant entity in Ireland’s hospitality business. The flagship hotel, Slieve Russell Hotel, was constructed in Ballyconnell, County Cavan.
Quinn also acquired other high-profile hotels abroad, notably the Prague Hilton in the Czech Republic and the Hilton Hotel in Sofia, Bulgaria. In 2007, the group purchased the health insurance firm Bupa Ireland. By the following year, Quinn had become Ireland’s richest person.
During the global financial crisis in 2008, the Quinns’ net wealth plummeted. This was mostly owing to the near-collapse of Anglo Irish Bank, in which Quinn had built up a 28% stake and owed over €2.8 billion. To make matters worse, Ireland’s Financial Regulator fined Quinn Insurance €3.25 million and Quinn himself €200,000 for loans that violated insurance requirements. Quinn and his firms have since been involved in several lawsuits across different nations.
Kieran Wallace was appointed as Anglo Irish Bank’s share receiver in the spring of 2011, gaining control of the Quinn family’s equity investment in the QUINN Group. Later in the year, Quinn filed for voluntary bankruptcy in Northern Ireland, but his case was rejected on appeal. In early 2012, he was declared bankrupt in Ireland.
Source: thpttranhungdao.edu.vn/en/
Categories: News
Source: thpttranhungdao.edu.vn/en/
