Lynch loses appeal against €26m ruling

The Supreme Court has described as “understated” a finding that businessman Philip Lynch gave “hopelessly confused and unreliable” evidence concerning the circumstances leading to a €25m loan being issued to buy development lands in Waterford.

Mr Justice Donal O’Donnell made the comment when dismissing Mr Lynch’s appeal aimed at stopping AIB Banks pursuing him to pay a €26m judgment obtained in 2011, with continuing interest, after failure to repay the loan made to him, his family and developer Gerry Conlan to buy the 86 acres at Kilbarry, valued in 2011 at less than €5m.

However, the three-judge court allowed the appeal of Mr Lynch’s wife Eileen and four adult children — Judith, Paul, Philippa and Therese — to the extent of finding they are entitled to trial of an issue whether the bank is entitled to pursue them for the €26m judgment.