Courts / Wicklow / Report

Michael Lynn tells trial of alleged 'off the book' loan arrangements with bankers

Date
2023-12-12

Stage
Trial

Primary locality
Redcross

County
Wicklow

Summary

During a Dublin Circuit Criminal Court hearing on 12 December 2023, former solicitor Michael Lynn, aged 55, explained that he had engaged in "off‑the‑book" loan arrangements with bankers, including former Irish Nationwide chief Michael Fingleton. Lynn said he met Fingleton in 2006 to sign a "memo of understanding" that would give Fingleton a stake in the third stage of Lynn's Portuguese apartment development, Cabanas 3. He claimed the memo was drafted by an English lawyer and that other bankers received discounts on apartment purchases, naming Ciaran Farrell of Permanent TSB as one who allegedly benefited from an "artificial deposit" on a Portuguese apartment. Lynn said the off‑book documents were mainly emails sent to bankers' addresses linked to his property companies, Kendar Holdings and Kendar Global. He denied that any other banker agreed to a stake in a development and said the Portuguese project never proceeded after 2007. The unnamed accused pleaded not guilty.

Who, what, where, when and why

What: Report matter: Michael Lynn tells trial of alleged 'off the book' loan arrangements with bankers. 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
2023-12-12 Publication

Why: He said the construction of the apartment in question never went ahead because "in 2007, everything essentially collapsed". CNI source report