Seán Quinn facts for kids

John Ignatius Quinn, known as Seán Quinn (born 5 December 1947), is an Irish businessman. He was once the richest person in Ireland in 2008. However, by 2012, he had lost his fortune and was declared bankrupt.

In 2008, some estimates said he was worth about €4.7 billion. This made him the wealthiest person in Ireland at that time. Forbes magazine also listed him as Ireland's richest person, ranking him 164th among the world's wealthiest individuals.

His company, the Quinn Group, was valued at around €4 to €5 billion in 2005. It made a large profit in 2007. But by 2011, the Quinn family no longer controlled the company. Seán Quinn was declared bankrupt in Northern Ireland in 2011, and then in the Republic of Ireland in 2012. He owed a lot of money, over €2 billion, to the Irish Bank Resolution Corporation.

In 2012, Seán Quinn was sent to jail for nine weeks. This was because he did not follow court orders.

Seán Quinn: A Business Journey

From Farm to Fortune

Seán Quinn took over his family farm in 1967 after his father passed away. The farm land was not great for growing crops, but it had a lot of minerals like gravel. Other farmers in the area had already started digging for gravel.

Quinn didn't really enjoy farming. He once said that his early success came from people he met through the Gaelic Athletic Association (GAA). In 1973, he borrowed £100 and started digging gravel from his family's farm. He would wash it and sell it to local builders. His first company was called Seán Quinn Quarries Ltd. This business grew into Quinn Cement, which became the main source of his wealth.

Growing the Quinn Group

Over the years, Seán Quinn expanded his business into many different areas. His company, the Quinn Group, became a big player in Ireland's hotel business, with places like the Slieve Russell Hotel in Ballyconnell, County Cavan. He also had interests in glass, radiators, and plastics with companies like Quinn Glass and Quinn Lite Pac. By 2009, the Quinn Group employed over 5,500 people across Ireland.

In 1996, he started Quinn Financial Services, which included the Quinn Direct insurance business. This insurance company made a lot of profit. In 2007, the Quinn Group bought Ireland's second-biggest health insurance provider, Bupa Ireland.

Around the same time, Quinn also bought a large share of Anglo Irish Bank. He kept increasing his ownership in the bank. However, the bank's share price dropped a lot in 2008. In 2009, the Irish government took control of the bank because of its financial problems.

Facing Challenges

The economic downturn in 2008 greatly affected Seán Quinn's wealth. He was no longer the richest person in Ireland.

What Happened to His Wealth?

A big reason for his financial losses was his large investment in Anglo Irish Bank. He had bought a significant share of the bank, often using special financial tools. When the bank's value crashed, it wiped out billions from his family's wealth.

His insurance company, Quinn Insurance, also faced problems. In 2008, it received a large fine for breaking insurance rules. This was because it had lent a lot of money to other companies in Quinn's group without telling the regulators. This money was used to cover falling investments and buy more shares in Anglo Irish Bank. Seán Quinn took responsibility for this.

Quinn Insurance later faced huge losses. The Irish government had to step in, and a special charge was put on other insurance policies to cover the shortfall. This meant that regular people buying insurance had to pay more.

Legal Troubles and Bankruptcy

Because of the bank's financial difficulties, Seán Quinn was asked to repay the large loans he had taken. This led to many court cases. It was found that some of his company's assets had been moved to other companies, which led to more legal action. For example, it was claimed that property in Russia was sold for a very small amount to a relative.

In 2011, Seán Quinn tried to declare bankruptcy in Northern Ireland, where the process was shorter. However, this was challenged, and he was declared bankrupt in the Republic of Ireland in 2012.

In July 2012, Seán Quinn and some family members faced court orders related to moving assets. Seán Quinn was later sentenced to nine weeks in jail in November 2012 for not following these court orders. He was released in January 2013. His children were also questioned in court about their finances and assets.

International Ventures

The Quinn Group also owned hotels in other countries, including the Czech Republic, the United Kingdom, Bulgaria, and Poland. For example, they bought the Prague Hilton, a large hotel in Prague, in 2004. They also owned the Hilton Hotel in Sofia, Bulgaria, and The De Vere Belfry hotel and golf course in England. Quinn Direct insurance also expanded into the UK market.

By April 2011, Seán Quinn and his family were no longer involved in running or owning the Quinn Group. Legal cases are still ongoing about some of his former properties in Ukraine and Russia.

Beyond Business: Personal Life and Interests

Seán Quinn was born in Derrylin, County Fermanagh, close to the border with County Cavan. When he was young, there wasn't much to do besides football. He and his brother Peter played Gaelic football for Teemore Shamrocks. Their team won the Fermanagh County Championship in 1969. Seán Quinn even became captain of the Fermanagh county football team.

His brother, Peter, later became President of the Gaelic Athletic Association (GAA), which is Ireland's biggest sports and culture organization. The Quinn Group was also a major sponsor of Fermanagh GAA. Seán Quinn was very involved with the GAA, and he even donated land for a training field.

Seán Quinn has received honorary doctorates from NUI Maynooth and Queen's University Belfast.

He is married to Patricia, and they have five children: Seán Jnr, Colette, Ciara, Aoife, and Brenda. All his children worked in the family business. Seán Quinn lives with his family in Ballyconnell, County Cavan, near his Slieve Russell Hotel.