Banks Freeze Assets of Irish Property High-Flyer in Bulgaria
Business | January 15, 2008, Tuesday
Michael Lynn is alleged to have taken out multiple mortgages on several properties with a number of banks and is said to owe them more than EUR 82.5 M. Photo by www.independent.ie
Authorities in Ireland have moved to freeze the Bulgarian assets of Michael Lynn, a controversial Irish solicitor and property developer with huge investments in Bulgaria, who is facing legal actions by three banks.
The Irish Independent, who broke the news first, has learned that Lynn, who left Ireland as part of what is believed to be a "a well-planned exit", may have sold property and emptied bank accounts in Luxembourg, Portugal and Bulgaria, despite a court order in Ireland freezing his assets.
The information was denied by Lynn's consultant in Bulgaria Osman Oktaj, former lawmaker from the ethnic Turkish Movement for Rights and Freedoms.
"None of the property that Michael Lynn owns in Bulgaria has been sold. Otherwise I would have been informed," Oktaj told local 24 Hours daily.
The ACC, AIB and Bank of Scotland (Ireland) are reported to seek to freeze the foreign assets of the solicitor in an effort to secure the money owed to them as they fear loans to the missing solicitor for his property dealing may have been laundered or misused abroad, The Irish Independent reported.
They have triggered court actions in Luxembourg, Portugal and Bulgaria in order to seize and retrieve assets.
Michael Lynn, whose arrest has been ordered by the High Court, has repeatedly failed to appear for questioning by the Law Society. He was last sighted in London on December 10 and is believed to have spent Christmas in South America.
Lynn is alleged to have taken out multiple mortgages on several properties with more than ten banks and is said to owe them more than EUR 82.5 M.
Lynn's company Kendar Global Properties stepped on the Bulgarian property market last year with the launch of the construction of a residential and vacation complex near the town of Razlog, close to the ski resort of Bansko.
The company announced plans for EUR 75 M of investments in apartments and real estate in Bulgaria by 2010.
The Irish Independent, who broke the news first, has learned that Lynn, who left Ireland as part of what is believed to be a "a well-planned exit", may have sold property and emptied bank accounts in Luxembourg, Portugal and Bulgaria, despite a court order in Ireland freezing his assets.
The information was denied by Lynn's consultant in Bulgaria Osman Oktaj, former lawmaker from the ethnic Turkish Movement for Rights and Freedoms.
"None of the property that Michael Lynn owns in Bulgaria has been sold. Otherwise I would have been informed," Oktaj told local 24 Hours daily.
The ACC, AIB and Bank of Scotland (Ireland) are reported to seek to freeze the foreign assets of the solicitor in an effort to secure the money owed to them as they fear loans to the missing solicitor for his property dealing may have been laundered or misused abroad, The Irish Independent reported.
They have triggered court actions in Luxembourg, Portugal and Bulgaria in order to seize and retrieve assets.
Michael Lynn, whose arrest has been ordered by the High Court, has repeatedly failed to appear for questioning by the Law Society. He was last sighted in London on December 10 and is believed to have spent Christmas in South America.
Lynn is alleged to have taken out multiple mortgages on several properties with more than ten banks and is said to owe them more than EUR 82.5 M.
Lynn's company Kendar Global Properties stepped on the Bulgarian property market last year with the launch of the construction of a residential and vacation complex near the town of Razlog, close to the ski resort of Bansko.
The company announced plans for EUR 75 M of investments in apartments and real estate in Bulgaria by 2010.
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