Courts / Wicklow / Report

Ex-INBS boss Michael Fingleton was 'personal banker' to Michael Lynn, defence suggest

Date
2023-11-02

Stage
Trial

Primary locality
Redcross

County
Wicklow

Summary

Michael Lynn, 55, is on trial in Dublin accused of stealing approximately €27 million from seven financial institutions. He has pleaded not guilty to 21 counts of theft alleged to have occurred between October 23, 2006, and April 20, 2007. The prosecution contends that Lynn obtained multiple mortgages on the same properties while banks were unaware of other institutions' finance. Defence counsel Mark Lynam SC suggested that former Irish Nationwide Building Society chairman Michael Fingleton acted as Lynn's "personal banker," facilitating loans through Bank of Scotland Ireland. Witness Tom Brennan, a Bank of Scotland Ireland worker, testified that an offer letter for €3.5 million was issued to Proper T Capital Ltd, a company directed by Lynn and his wife, Brid Murphy. Brennan stated he was unaware of other finance and that the bank obtained first legal charges on nine of ten properties. Retired National Irish Bank worker Nicholas Robert Hamilton denied meeting Lynn or knowing about offshore property use, contradicting defence suggestions. Arthur King, of ICS Building Society, testified that Bank of Ireland issued a €2.74 million cheque to Michael Lynn and Co Solicitors in December 2006. King noted that the bank discovered the first legal charge had not been registered and that letters of undertaking to other institutions could not be fulfilled. The defence suggested banks relied on solicitors' professional indemnity insurance rather than property security. The trial is ongoing.

Who, what, where, when and why

What: Report matter: Ex-INBS boss Michael Fingleton was 'personal banker' to Michael Lynn, defence suggest. Charges or matters: 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007. Procedural stage: trial

When:

October 23, 2006 Hearing Or Sentence
April 20, 2007 Hearing Or Sentence
April 2006 Other
November 2006 Other
January 2007 Other
October 2007 Other
September 2006 Other
December 2006 Other
September 2007 Other
October 16, 2007 Other
2023-11-02 Publication

Why: He said it is the defence's case that Mr Fingleton was his client's "personal banker" and when he "couldn't approve a loan" for Mr Lynn because he was on holidays, contact was instead made with senior staff at Bank of Scotland Ireland. Defence account reported by CNI