Lynches to appeal finding they must repay AIB €26m

BUSINESSMAN Philip Lynch and his family are to appeal to the Supreme Court against a finding they must repay €26 million to AIB arising from an unpaid loan made to them and developer Gerry Conlon to buy development lands in Waterford.

Mr Justice Micheal Peart, who previously found the family were liable for the loan, yesterday said AIB was entitled to judgment orders for about €26m each against Mr Lynch, his wife Eileen, and children Judith, Paul, Phillippa and Therese, but agreed to stay the orders until January 11 when he will rule if the family are entitled to a longer stay.

Rossa Fanning, for Gerry Conlon, said the decision on the Lynches’ liability meant Mr Conlon had no defence to a similar judgment being entered against him but wanted until January 11 to check the bank’s documents and also wanted a stay. If the Lynches won their appeal that would get Mr Conlon “off the hook” and mean he was also not liable to AIB.