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They'll never get the money back, insists ex-tycoon

THE ex-tycoon simply glowered as it dawned on him that his cross-border bankruptcy bid had failed.

Within minutes of Mr Justice Donnell Deeny's summary of his ruling, it became apparent that Sean Quinn was doomed to fail in his claims that his native Fermanagh was his main centre of interest.

Part of his case rested on a Derrylin office offered by an old friend for the "peppercorn" rate of £50 (€60) a month.

Mr Justice Deeny stopped well short of accusing Mr Quinn of actually fabricating a commercial lease to prove he was operating out of a business unit in Derrylin.

However, he made it clear that the lease was "a somewhat curious document", and one that had been prepared at a much later date to try and bolster Mr Quinn's claims that his main interests were in the North.

The Irish taxpayer would not see any of the money, according to Mr Quinn, who fumed that the Irish Bank Resolution Corporation (IBRC) had "wrecked" the Quinn Group.

"It is like taking a sledgehammer to a child's toy," he said.

Outside of court, a shaken Mr Quinn attempted to recover some of the bombast that had once made him Ireland's richest man.

Speaking to reporters, he railed at the conduct of Anglo, now known in the post-Celtic Tiger world as the IBRC.

Mr Quinn complained that the Irish Government was spending more than €2,000 a day to hire foreign lawyers, bankers and advisers who had little or no regard for the long-term future of the Irish taxpayer.

The man-turned-myth said that he could have repaid all his €2bn plus debt on the humble £30 an hour that he drew as the head of the Quinn Group, had the IBRC not expelled him from his reign last year.

Renewing his claims that the IBRC was pursuing a personal vendetta against him, Mr Quinn also claimed that there were some employees in the newly controlled Quinn Group who were "ashamed" to say they worked there because, he claims, of the destruction wrought on it by the now state-owned bank.

"I never worked a day outside Northern Ireland in my life, I have never worked anywhere else," said Mr Quinn, who lives in Cavan, holds an Irish passport, votes in the Republic of Ireland and pays 20pc of his taxes here.

Mr Justice Deeny also noted that not one cent of Mr Quinn's colossal borrowings were in sterling.

Irish Independent