Seán Quinn, who no longer has any role in the management of the Quinn Group, has blamed his difficulties on over-reliance on the Irish banking system and mistaken advice from experts.
'Our mistake was to place an over-reliance on the Irish banking system and the many predictions for continued sustained growth in the Irish economy from some of the country's leading financial services experts,' Mr Quinn said in a statement last night.
Anglo Irish Bank last week announced the appointment of a share receiver to take control of the Quinn family's stake in the parent company of the Quinn Group.
The bank is owed €2.88 billion by Mr Quinn and his family, while other lenders to the Quinn Group are owed almost €1.3 billion.
Mr Quinn said Anglo's decision was the greatest upset for him and his family in his entire business career.
He said he has spent the past year developing a proposal that is economically sustainable and would have allowed him to discharge fully all of his family's obligations to the Irish taxpayer.
Elsewhere in the statement, Mr Quinn said 'mistakes in business should not result in a life sentence'.
A five-year restructuring plan has been agreed between Anglo and the Quinn Group's lenders, aimed at stabilising the businesses, which are described as 'fundamentally good and profitable'.
A share receiver is not the same as a traditional company receivership, as he will take control of the shares only, and not the assets, businesses or employees of the Quinn Group.
The Quinn Group has 2,600 employees; 1,000 in Ireland, and operates a number of businesses including cement, plastics, glass and radiators.
