Courts / Wicklow / Report

Senior BOI official rejects Michael Lynn's defence on loans as 'fairytale'

Date
2023-11-09

Stage
Trial

Primary locality
Redcross

County
Wicklow

Summary

Michael Lynn, a 55-year-old from County Wicklow, is on trial in Dublin Circuit Criminal Court accused of stealing approximately €27 million from seven financial institutions between October 2006 and April 2007. He has pleaded not guilty to 21 counts of theft. During cross-examination, the defence team challenged a former Bank of Ireland senior business manager's testimony regarding loan applications. The witness rejected suggestions that loans could be used for purposes other than property purchases, describing such a proposition as a "fairytale." The defence contended that Mr Lynn intended to use borrowed funds for overseas development projects, including ventures in Carrick-on-Shannon and Portugal. A former Ulster Bank official also denied allegations that Mr Lynn provided him with cash or paid for his travel. The prosecution's case centres on Mr Lynn obtaining multiple mortgages on identical properties from different institutions without their knowledge. The seven lenders involved include Bank of Ireland, Ulster Bank, Irish Life and Permanent, and Irish Nationwide Building Society. The trial continues before Judge Martin Nolan and jury.

Who, what, where, when and why

What: Report matter: Senior BOI official rejects Michael Lynn's defence on loans as 'fairytale'. 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
October 2006 Other
September 2006 Other
October 2007 Other
1994 and 1997 Other
2023-11-09 Publication

Why: He accepted that he reviewed the documents submitted as part of the application in order to assess Mr Lynn's repayment capacity, which included his income from Kendar Holdings. CNI source report