30.10.2007

Property developer in High Court

Michael Lynn, who has investments in Bulgaria, has been brought before the High Court in Ireland on charges that he used clients' money to purchase overseas property and draw down loans.

Lynn, practising as Capel Law, is alleged to have taken out multiple mortgages with several Irish banks on several properties. His accounts have been frozen and he has been ordered to disclose a full list of his accounts and assets.

His practise has been shut down by the Law Society and Lynn has arranged with his new legal team to have a forensic accountant assist in clarifying his accounts.

The liabilities are estimated as at least 26m euros and may be as much as 50m euros.

Lynn's barrister told High Court President, Richard Johnson, that he couldn’t say how many properties are involved, the Independent reported, but it is believed to involve more than 100 properties, including some 30 or 40 overseas.

In the past he has given away an apartment in Bulgaria as part of a television promotion and has used footballers in Ireland and Portugal to help market his business.

Lynn's company Kendar Global Properties recently announced a 75m euro real estate investment near Bansko.

Source: www.fly-2let.co.uk