Fears for missing solicitor after crime probe into clients
Thomas Byrne: owes 36m euros
Monday October 29 2007
FEARS are growing for runaway solicitor Thomas Byrne after it emerged that several of his clients are being investigated by the Criminal Assets Bureau.
The 41-year-old solicitor has not been seen since his practice was shut down last week with debts of more than €36m.
Concerns have been expressed for the solicitor's safety after his Walkinstown practice was closed by the Law Society.
Family and friends have said they have not seen him in the past week and have expressed fears.
Two days before his practice was raided by the governing body for solicitors, Mr Byrne was still working for clients and closing property deals.
Loans
But he has not been seen since, prompting fears that the lawyer, who has three children, may have left the country after drawing down €9m in loans in one day last month from IIB Bank. His business dealings with individuals known to gardai prompted detectives to begin investigating some of the dealings he made on behalf of those individuals.
The Bentley-driving solicitor had been living apart from his wife for a considerable period. He had a flat in the city at Lad Lane, off Baggot Street.
Mr Byrne's extensive property dealings have resulted in him reportedly owing the EBS €12.5m; the Irish Nationwide Building Society €10.5m; IIB Bank €9m; and Anglo Irish Bank €4m.
Considerable
While he owes those debts to those institutions, he is also believed to owe considerable amounts of money to at least another four financial institutions.
The banks have claimed that Mr Byrne was securing multiple mortgages on the same properties.
While banks are taking legal routes in a bid to recover funds, it has been reported that fears have been expressed that certain individual clients known to gardai may resort to more drastic methods of dealing with Mr Byrne if any similar problems arose over access to their funds.
Mr Byrne had shown a deep interest in various business activities in recent years, including running a mail-order company with his wife named Pink Inc, selling 'fun and funky' items such as candles and figurines.
He opened a solicitor's office in Walkinstown Road in 2002 and a second office in Sandyford in Dublin in 2004.
He held breakfast seminars for business executives on legal issues and three years ago he hosted a lecture by Michael Portillo, the former British Conservative government minister, which was attended by more than 100 people.
Meanwhile, Dublin solicitor Michael Lynn continues his preparations to meet the legal proceedings brought by banks who are seeking to recover the more than €60m he owes them.
Mr Lynn spent years building up a vast overseas property empire with the help of huge borrowings.
His property empire has begun to collapse, with debts to a large number of banks throughout Ireland.
- Alan O'Keeffe
