Michael Lynn denies almost €30m theft charges

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Michael Lynn has pleaded not guilty to 21 charges of theft totalling almost €30 million from seven financial institutions.

The offences are alleged to have taken place in 2006 and 2007. The proceedings were reported on 23 May 2022.

Four bankers gave prosecution rebuttal evidence after Mr Lynn said he had permission to use loans for property development abroad.

Stephen McCarthy said Ulster Bank’s €3.6 million loan in September 2006 was intended to part-fund 11 residential investment properties. He said alternative use had never been discussed.

Mr McCarthy denied receiving money or benefits from Mr Lynn and said a later meeting Mr Lynn described had not taken place.