Former chief executive ‘entitled’ to €1.48m

Philip Lynch, former CEO of investment firm One Fifty One, is entitled to summary judgement for €1.48m against the company, the Court of Appeal has ruled.

Mr Lynch resigned from the firm in July 2011 and sought payment of €1.48m due to him under a patent income scheme.

While CEO, he entered a deed of indemnity on the patent income with Chandela Nominees Ltd whereby it (Chandela) subscribed for certain loan notes and shares and held them for Mr Lynch’s benefit.