Tuesday 12 December 2017

Lynch's legal action against AIB adjourned to next week

Businessman Philip Lynch's legal action against AIB to stop the bank from pursuing his family over a €25m land deal in Waterford has been adjourned to next week.

The One51 boss began giving evidence on Wednesday and was expected back on the witness stand yesterday when his counsel Michael McDowell said "a matter" had arisen and asked for an adjournment.

Mr Lynch is expected to resume his evidence on Tuesday.

Mr Lynch, his wife Eileen and their children are asking the court to declare that they are not personally liable to repay AIB the €25.3m borrowed in 2007 to purchase an 86-acre site at Kilbarry, Waterford.

The Lynch family were buying the land together with Kildare property developer Gerry Conlan with a plan to sell it off in parcels once it was rezoned.

They claim to have taken out the loan on the basis that the bank could take the land, which is now worth about €4m, if they could not repay it and could not hold them liable for the money. The bank denies this.

The Lynch family is also pursuing two firms of solicitors as part of their legal action.

Irish Independent

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