Quinn: Anglo bullied me out of my business02/05/2012 - 12:06:45
Sean Quinn has claimed he was bullied out of his business last year by Anglo Irish Bank who he says wrecked both the country and his reputation.
The one time billionaire is being questioned in the High Court as part of contempt proceedings by the bank that could result in his imprisonment.
Quinn has denied all knowledge of a $100m (€75.5m) debt transfer from one of his firms Demesne to a Belize registered company called Galfis last year.
The bankrupt businessman said he was not even aware he was a director of Demesne, claiming only to know the names of about 5% of the 100 or so companies in the Quinn Group.
IBRC, formerly Anglo Irish Bank, claims this transfer was one of a series of moves by the Quinns to reduce the value of their international property empire so the assets could not be used as collateral by the bank to offset €2.8bn of debts owed by Quinn companies.
Denying all knowledge of the move, Quinn told the court "my baby was to run operations and make them profitable".
In a broadside against the bank, he added: "I'm 65 years of age. We ran a very good business until Anglo came along, it's wrecked us, wrecked the country, destroyed my reputation and bankrupted me."
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