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Sean Quinn disappears from Irish Rich list

Sean Quinn, the founder of the Quinn group, does not appear in this weekend's Sunday Times Rich list for Northern Ireland, suggesting that his £2.3 billion wealth has plummeted. This has been a very difficult year for Sean Quinn, and other business people around the globe, and the recent news that the Quinn Insurance group has been placed into administration was obviously a bitter blow.

It is believed that the Quinn family and their associated businesses owe around EUR4 billion to a number of banks although Sean Quinn insists that his company is "cash rich". It is believed that the Quinn group businesses had a net worth of around EUR4 billion at the start of the year although an investment into troubled Angle Irish bank of around EUR4 billion has effectively negated the value of the overall group. However, that is not to say that Sean Quinn has disappeared for good but there is no doubt that 2008/09 has been a difficult year for his portfolio of businesses.

It will be interesting to see how the likes of Sean Quinn bounce back when the Northern Ireland, UK and worldwide recession is over and economies move back onto the growth path. There is no doubt he has the brains, the experience and the financial clout to bounce back but how long will it take?

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