News Irish News

Thursday 18 January 2018

Disgraced property mogul Michael Lynn cashes in on €700k Brazilian site weeks before extradition

JAIL: Lynn is due home soon. Photo: Courtpix
JAIL: Lynn is due home soon. Photo: Courtpix

David Kearns

Fugitive former solicitor Michael Lynn is attempting to cash in on the sale of a €700,000 site in Brazil weeks before his is due to be handed over to Irish authorities to face trial in relation to an alleged €80m mortgage fraud.

Mr Lynn, who was stuck off by the Law Society several years ago, is facing 33 charges in Ireland relating to the collapse of his property empire.

The Mayo-native fled the country in 2007 with debts of €80m, and used his son to secure a permanent Brazilian visa in 2012.

At the time his company was said to have 148 properties, 154 bank accounts and assets worth more than €50m.

Read More: Garda pick team to fly Michael Lynn home from Brazil

The disgraced businessman has spent 30 months fighting extradition while being held in the infamous Cotel prison but last week Brazil's Supreme Court cleared the way for his return after he exhausted the last of his legal options.

Now it has been revealed that Mr Lynn’s wife Clare-born nurse Brid Murphy is attempting to sell a site purchased by one of Mr Lynn’s Brazilian firms in 2011 near the booming industrial town of Cabo de Santo Agostinho for almost €700,000.

The Mail on Sunday reports that despite his arrest and imprisonment, Mr Lynn’s business interests in Brazil have continued under the stewardship of his wife and a number of former associates.

Read More: Eight years after he fled Ireland, fugitive Michael Lynn is being brought home

Together, the small group run a local company called Quantum Assessoria e Empreendimentos which acquired Mr Lynn’s Brazilian site for €171, 971 in 2011.

In 2013, the land was revalued for tax purposes to  €700,000 – based largely on Mr Lynn’s plans to build 140 apartments on the one acre site.

At the time of the sale, Quantum was own by the disgraced businessman and his wife, with each holding a 50 pc stake.

According to the Mail on Sunday, since his arrest, 32 pc of Mr Lynn’s stake was been transferred to another local firm controlled by his former associates and another 20 pc has given over to a Brazilian associate.

However his wife, who has put the site up for sale at R$3 million (€667,886), still controls the majority share.

Brazilian federal police are expected to hand Mr Lynn over to their Irish counterparts within three weeks.

Online Editors

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News