The subsequent Beef Tribunal unravelled a series of complicated credit insurance schemes which pushed Mr Goodman's business into the ownership of the banks with debts of nearly €700m.
Five years later he bought back the business from the banks for €38m.
Since then the company has gone from strength to strength and has been involved in the development of Hermitage Medical Clinic and buying the old Bank of Ireland HQ in Baggot Street.
His firm ABP owns Silvercrest, where sources of horse meat was found in some of its beef burger products.
His beef processing company Irish Food Processors stopped publishing accounts in 2001, when turnover was €915m.
Since then, Mr Goodman has secured numerous multi-million euro contracts with global customers such as Sainsburys, Burger King, Asda and Tesco.