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.

The Irish Pension Board have brought High Court proceedings against a construction company which it is claimed has failed to pay contributions of more than €180,000 to a pension fund on behalf of almost 200 workers over a 14-month period.