He came to court in smart casual sweaters and trousers. He frequently leaned in, resting on his elbows, eyes often narrowed in concentration. He claims he had flexible lending arrangements with senior bankers who allowed him to use mortgage loans on properties in Ireland to fund property overseas.įifteen years after those events, Mr Lynn, of Redcross, Co Wicklow, spent five days in the witness box in Court 19, having “waited a long time” to tell his story. The prosecution claims banks were unaware that other financial institutions were also providing finance.
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Mr Lynn is on trial for allegedly stealing €27m from seven financial institutions between 20 by applying for multiple mortgages on the same properties. When I look back, you wonder who was riding on the coattails of who,” he commented later. “They enabled me to increase my business and they got wealth as a result of it. There were advantages to them as well, in terms of buying apartments from the company.” They were “comrades in arms”. “They were provided with free accommodation and also provided with spending money when they were there. Bankers “would have assisted in terms of getting loans”, he said, while he and his staff “would have assisted them to fly to the various locations that we were working in”. It was all part of the Celtic Tiger “culture”, Mr Lynn claimed. He said he arranged a “profit share” in his development in Portugal for Michael Fingleton, the former Irish Nationwide chief executive, who he said he met more than 30 times. He said he arranged flights and hotels for an AIB employee and his daughter. He gave them “spending money” or “bonuses” of €5,000 to €10,000. It was Celtic Tiger Ireland and Michael Lynn, then a solicitor in his 30s who was building a property business overseas, vied for position with the banks.īank loaned him money, he told Dublin Circuit Criminal Court last week, and he entertained senior bankers.