Lynch daughter denies ‘reconstruction’ of account over €25m loan

A DAUGHTER of Philip Lynch has denied AIB would not have sought a net-worth statement for Mr Lynch, which showed he had assets of more than €48 million in 2007, if a €25m loan to buy lands for development involved no recourse to the One51 investment group chief executive or his family.

Judith Whelan denied a suggestion by Paul Sreenan that a net-worth statement would not be required if a loan was to be non-recourse. She understood the statement was provided to AIB in 2007 as her father had to service the interest on the €25m loan for two years, she said.

Ms Whelan also denied suggestions her father did not tell her his involvement with developer Gerry Conlan in the deal was conditional on AIB having no recourse to the Lynch family.