November 28, 2011 / 5:07 PM / 7 years ago

Irish court orders fallen tycoon to pay 1.7bln euros

* Court order means Quinn must pay 2.1 bln euros

* Largest ever summary judgement on an individual in Ireland

DUBLIN, Nov 28 (Reuters) - An Irish court ordered the country’s former richest man to pay back 1.7 billion euros ($2.3 billion) to a state-owned bank on Monday in the largest judgement ever issued against an individual in Ireland.

Sean Quinn, whose 4-billion euro business empire collapsed after a disastrous investment in Anglo Irish Bank before its 2009 nationalisation, was last week ordered to pay the lender 417 million euros, bringing his total liability to 2.1 billion.

Mr Justice Peter Kelly said he was “quite satisfied” that Anglo, recently renamed the Irish Bank Resolution Corporation, was entitled to the summary judgment orders.

Anglo Irish Bank was the poster child for the reckless lending at the heart of Ireland’s financial crisis, accounting for over 40 percent of the 70 billion euros bill to save the banking sector from collapse.

Anglo, which says Quinn owes it up to 2.9 billion euros, is seeking to overturn his recent bankruptcy in a Northern Irish court.

Quinn, 64, who declared to the Northern Irish authorities his assets were now only 11,169 euros and an aged Mercedes car, disputes the amount owed and claims it is nothing like as much.

“Today’s action by Anglo Irish Bank in my view is totally pointless, self-serving and vindictive,” Quinn said in a statement. “In no way does it improve the Bank’s prospects of recovering money for the taxpayer.”

Quinn developed a rural quarrying operation into a fortune of 4 billion euros ($5.34 billion) before investing massively in the now failed Anglo Irish.

His Quinn Insurance business, which was put into administration last year, was recently bought by U.S. general insurer Liberty Mutual.

Quinn is still regarded as a local hero for creating thousands of jobs in his home county of Cavan where locals have held rallies in recent months to show their support.

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