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Quinn boasts one of Ireland's most celebrated rags-to-riches stories. He grew up on a border farm in Northern Ireland's County Fermanagh, left school barely literate at 14 and started his first construction-gravel business with a 100-pound ($150) bank loan. Within three decades Quinn had transformed his quarry into a nationwide cement company. He built and bought luxury hotels, pubs, apartment complexes and commercial properties throughout Ireland, Britain, Eastern Europe and Asia; founded Ireland's third-largest insurance company; and took interests in glassworks, packaging and radiators. In April 2011, IBRC seized ownership of his Irish-based Quinn Group, forced him and relatives off the board, and sold a majority stake in his insurance company to U.S. insurance company Liberty Mutual. In November, shortly after Quinn had secured a surprise bankruptcy-protection order in Belfast, the bank won Dublin court judgments totaling euro2.16 billion ($2.7 billion) against Quinn. A November affidavit from Quinn recorded he had less than euro11,000 ($15,000) in cash in three bank accounts. But the Quinns and IBRC are locked in several legal battles stretching from the British Virgin Islands to Cyprus over control of a commercial property empire spanning Britain, Russia, Ukraine, Turkey and India valued at more than euro700 million. The bank accuses Quinn of fraudulently shifting ownership of his foreign properties, including office blocks and shopping malls, to relatives and shell companies that remain under the Quinns' surreptitious control. The Quinns deny these charges. His five children have filed a Dublin lawsuit against IBRC seeking to have the bulk of the family's Anglo borrowing voided on the grounds that the bank should never have lent them the money in the first place. They also are seeking to have IBRC return businesses to their ownership that were seized in April 2011. Their lawsuit argues that Anglo misled them about the company's imminent danger of collapse and spurred them to commit market fraud by manipulating Anglo's share price. IBRC insists Anglo's loans to the Quinns were for much wider business reasons. ___ Online: Irish Bank Resolution Corp.: http://www.ibrc.ie/ Quinn's empire: http://www.quinn-group.com/
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