has told his multi-million euro theft trial that he had permission from bankers to use his mortgage loan money to pay for his property developments abroad.
Mr Lynn said he wasn’t allowed do what he wanted with the money but that the banks “would have understood it was to purchase a specific site at a present time and repay it”.Bank of IrelandMr Lynn told defence counsel that these arrangements were set out in emails which he sent to bankers. “I had to do that to protect myself also,” he said.Mr Lynn of Millbrook Court, Red Cross, Co Wicklow, is on trial accused of the theft of around €27 million from seven financial institutions.
Under questioning from Paul Comiskey O’Keeffe BL, defending, Mr Lynn said he conducted all of his business on a Kendar email address and these emails existed until October 2007 on a server. Mr Lynn said he was introduced to a process by bankers whereby the mortgage was not signed and no documents were lodged with the Land Registry at the time. He said this process, referred to in court as an ‘undertaking only’ mortgage, “allowed lending to become quicker, more fluid”.“I was introduced to these processes by bankers,” Mr Lynn told the court. “I also say I didn’t refuse them. I embraced them. I was a young person learning about business.
When asked by counsel if this arrangement was on the letter of offer from a bank, Mr Lynn said it was not.