Irish tycoon goes bankrupt, but its effect felt in India

NEW DELHI: How's this for globalization? An Irish tycoon who has gone bust faces the prospect of being jailed for not surrendering his properties, among other countries, in India. In fact, the bankruptcy declared in January of Sean Quinn, who had been estimated by Forbes to have been worth $6 billion in 2008, has led to court proceedings in three cities in India. 

The litigation in Delhi, Hyderabad and Pune arose from an Irish government bank's efforts to recover the Indian assets of the Quinn International Property Group (QIPG). Out of a total debt of $3.65 billion owed by QIPG for assets around the world, Irish Bank Resolution Corporation (IBRC), a loose equivalent of the Indian BIFR, is seeking to recover loans related to two prime properties in Hyderabad. 

In December 2007, IBRC had advanced loans to QIPG of $45.5 million for the construction of a 790,000-sq ft office complex called Q City and of $15 million for a 4.2 acre hotel site. 

Edited By Cen Fox Post Team

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Posted in: 2nd JULY 2012