INBS wrote off €4m mortgage to Michael Lynn


Michael Lynn is going through 21 costs referring to the alleged theft of round €27 million from seven monetary establishments. {Photograph}: Collins
Irish Nationwide Constructing Society (INBS) wrote off a €4 million mortgage taken out by former solicitor Michael Lynn 10 months after the mortgage was issued, a multimillion euro theft trial has heard.

Mr Lynn (53) is going through 21 costs referring to the alleged theft of round €27 million from seven monetary establishments. He denies all costs towards him.
The monetary establishments concerned are Financial institution of Eire Mortgages Financial institution Ltd, Danske Financial institution, Irish Life and Everlasting, Ulster Financial institution, ACC Financial institution plc, Financial institution of Scotland Eire Ltd, and INBS.

Mr Lynn, with an deal with at Millbrook Courtroom, Pink Cross, Co Wicklow, has pleaded not responsible at Dublin Circuit Felony Courtroom to 21 counts of theft in Dublin on dates between October twenty third, 2006 and April twentieth, 2007.

An prolonged jury panel of 15 jurors is required for the trial, which is predicted to last as long as 14 weeks and listen to from greater than 70 witnesses.
Patrick McGrath SC, prosecuting, beforehand outlined to the jury that it was the State’s case that Mr Lynn obtained a number of mortgages on the identical properties.

He advised the jury they’ll hear of a repeated methodology the place Mr Lynn utilized for mortgages to a minimum of two, and in lots of instances quite a lot of, completely different monetary establishments which then lent him the cash, unaware of the opposite mortgage functions.
Giving proof on Thursday, Killian McMahon advised Mr McGrath that between 2003 and 2008 he was the inner auditor for INBS.

Mr McMahon mentioned he had no private dealings with Mr Lynn and was going to offer proof merely from the data of the financial institution. He mentioned on account of sure investigations he was requested to evaluation data concerning functions made by Mr Lynn.

He mentioned he made a press release primarily based on data contained inside INBS paperwork and entries in its report books. He mentioned these had been paperwork acquired by staff in the midst of enterprise and that copies had been produced which might be earlier than the court docket.

Earlier than the jury, Mr McMahon mentioned {that a} house mortgage software made by Mr Lynn and his spouse Brid Murphy for the acquisition of a house in Howth, Co Dublin indicated a mortgage quantity of €4,125,000 and was signed by Mr Lynn and Ms Murphy.

He mentioned {that a} assertion of affairs for Mr Lynn which was presupposed to have been signed by accountants Kinsella Mitchell & Associates represented the quantity of Mr Lynn’s belongings and the loans on them. He mentioned this assertion was given in with the mortgage software on April 2nd, 2007.

Mr McMahon recognized a doc as being a solicitor’s endeavor which was supplied in relation to the acquisition. He mentioned it’s mentioned to be signed by solicitor Fiona McAleenan and is dated January sixteenth, 2007.

He advised Mr McGrath that when a letter of endeavor is given, so far as an establishment is worried, there aren’t any different loans on the property. He mentioned meaning if an individual defaults on a mortgage, the establishment can promote the property and take the steadiness owed to them from the sale.

Mr McMahon mentioned a solicitor would make checks to ensure no different mortgages had been on a property and {that a} monetary establishment would depend on them as a result of they’re an officer of the court docket and it’s a solemn endeavor.

He recognized a doc as being a cheque issued by Irish Nationwide for the quantity of €4,125,000 on April 4th, 2007.
Mr McMahon mentioned {that a} assertion of the account of Mr Lynn and Ms Murphy exhibits the debit of €4,125,000 on April 4th, 2007.

He mentioned the assertion exhibits funds being made for the mortgage, however then later exhibits a number of receipts the place tried direct debit funds in the end bounced.
Mr McMahon mentioned that in February 2008 a call was made by Irish Nationwide to write down off the mortgage and take a lack of over €4 million.

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