Auditors to Lynn’s companies resign

THE auditors to companies owned by Michael Lynn, the solicitor and property developer at centre of legal action by banks to recoup €70 million in loans, have resigned.

In a letter dated October 30, the auditors, Kinsella Mitchell & Associates, said they had “no option” but to resign.

The letter said the companies owned by Mr Lynn had failed to provide the auditors “with all information necessary for us to proceed with our audit of the company financial statements”.

John Kinsella wrote: “Given the lack of information provided to us we are unable to state if there are any matters concerned with our resignation that may need to be brought to the attention of the members or creditors of the company.”

In mid-October the Law Society secured a court order freezing the assets of Mr Lynn’s legal practice in Dublin after it was concerned that monies in the firm’s client accounts were being misappropriated.

It emerged that Mr Lynn secured multiple loans from several financial institutions secured against the same property.

According to some estimates Mr Lynn owes a number of banks up to €70m in total.

In the High Court, Mr Justice Peter Kelly ordered that files relating to Mr Lynn be sent to the Garda Fraud Squad.