Evidence in Lynch loan case concludes

EVIDENCE has concluded in the long-running action by businessman Philip Lynch and his family aimed at preventing Allied Irish Banks pursuing them for repayment of a €25 million loan issued to them and developer Gerry Conlan to buy development lands in Waterford.

The action opened at the Commercial Court before Mr Justice Michael Peart on March 9 and ran until April 13 after which it was adjourned to yesterday when chartered accountant and banking expert Vincent Fennelly was the last witness.

The sides have now been given time to provide written legal submissions and the judge will hear oral submissions on May 26 and 27 after which he is expected to reserve judgment.