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DPP begins proceedings to inquire into Lynn assets


The Director of Public Prosecutions has begun proceedings to inquire into the assets of jailed former solicitor Michael Lynn, which could include €3 million in assets in Portugal as well as a house in Wicklow and almost €3 million in three bank accounts.

Such inquiries are made where it appears to the DPP that a person convicted of a crime has benefitted from committing the offence.

Barrister Joe Mulrean told Judge Martin Nolan at Dublin Circuit Criminal Court that the DPP wanted to begin the process and had made a statement under the relevant legislation outlining the assets she was concerned about.

Lynn was jailed for five-and-a-half years in February for stealing just over €18 million from financial institutions in 2006 and 2007. He had pleaded not guilty to 21 counts of theft but was convicted of ten offences. The court heard he took out multiple mortgages on the same properties from different financial institutions who did not know other banks were also providing finance.

Mr Mulrean told the court it was an “open question” as to what way Lynn benefitted from the €18m and investigations were ongoing.

He outlined that the Portuguese authorities had seized €3m in assets in Portugal – assets which were frozen prior to Lynn’s arrest. The court also heard Lynn was living in a premises in Brittas in Co Wicklow, which had been purchased by a corporation linked “very strongly” to Lynn through its officers. And he said there were three bank accounts with €2.8m which the DPP alleged were connected to Lynn.

The court heard the DPP may file a further statement setting out allegations in more detail.

Asked by the judge if all these assets came from the thefts Lynn had been convicted of, Mr Mulrean said it appeared to the DPP that that was the case although he could not say that “with any sort of clarity”.

He said it was now up to Lynn and his lawyers to respond to the DPP’s statement and indicate whether they accepted or rejected the allegations.

Lynn’s barrister, Paul Comiskey O’Keeffe, said his client was in the process of changing solicitors and had not yet been served with the application.

The judge said it seemed there would be a contest in the matter. He adjourned the case to 8 July and said he presumed the “money and houses were going nowhere.”

If a confiscation order is made under the legislation, and if payment is ordered but not paid, then a defendant can be imprisoned for a maximum of ten years depending on the amount of money involved.


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