DUBLIN (Reuters) - Ireland's former richest man was spared a jail sentence on Friday for contempt of court, meaning no major figure has to date been jailed over the collapse of Ireland's economy despite billions of euros in losses.
Bankrupt billionaire Sean Quinn was found guilty of contempt on Tuesday after Dublin's high court ruled he had blocked a state bank from seizing property worth hundreds of millions of euros.
Quinn, whose 4 billion euro (3 billion pounds) business empire collapsed after a disastrous investment in now-nationalised Anglo Irish Bank, is being pursued by the bank for debts of almost 3 billion euros ($3.73 billion).
Prosecution lawyers had sought punitive measures against Quinn, including a possible jail sentence.
But Justice Elizabeth Dunne said the court was still "in the coercive stage", instead ordering Quinn and his family to disclose information regarding all their assets.
"I've no doubt the first function of the court is to consider coercion and then after there's a response to coercive orders there may be an issue in relation to punitive measures. It will depend on the degree of cooperation in relation to your clients," the judge said.
(Reporting by Sarah O'Connor; writing by Lorraine Turner; Editing by John Stonestreet)
