Saturday 21 April 2018

Quinn fails to make rich list after disastrous Anglo punt

Ailish O'Hora

BUSINESSMAN Sean Quinn is no longer one of the world's richest people -- but five Irish citizens remain on the list, compiled by 'Forbes' magazine.

The top-earning Irish citizen is Mumbai-based construction tycoon Pallonji Mistry (81), who has a fortune worth €6.3bn.

He is followed by telecoms and media billionaire Denis O'Brien.

Mr O'Brien (52) is worth €3bn, making him the 254th richest person in the world.

John Dorrance III (67), who lives in Dublin, has €1.7bn, making him 488th on the list.

The fourth Irish citizen is Martin Naughton (71), who lives in Co Meath. He founded electrical company Glen Electric in 1973 and acquired Dimplex four years later. He is worth €1.4bn, putting him at number 651. Financier Dermot Desmond has a net worth of €1.1bn and features at 782nd place.

Mr Quinn, the former chairman of the Quinn Group, was valued at €2.3bn on the list last year. He is still reeling after his disastrous gamble on a stake in the now-nationalised Anglo Irish Bank.

He and his family now owe €2.8bn to the State through borrowings with Anglo.

Irish Independent

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