Nov 142011

Ireland’s former richest man, Sean Quinn, was declared bankrupt on Friday after having bet the family fortune on the shares of Ireland’s most notoriously profligate bank just before it collapsed.

He amassed a fortune of 4 billion euros($5.4 billion), before investing a massively in the now failed Anglo Irish Bank, one of the biggest casualties of Ireland’s property bubble.

“It is with great sadness and regret that I have applied for voluntary bankruptcy in the High court in Belfast,” Quinn said in statement. A court spokesman confirmed the court had declared him bankrupt.

Quinn is still regarded as a hero of Ireland for creating thousands of jobs and locals have held rallies in recent months to show their support.

It was a shocking news not only for Ireland but also for the whole world.

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