THE PROPERTY company owned by missing solicitor Michael Lynn spent at least €35,000 on corporate hospitality and entertainment at sporting events over the course of a year, writes Simon Carswell, Finance Correspondent
Mr Lynn's company Kendar spent the money in the year to the January 12th, 2007, according to records for the firm, seen by The Irish Times. The company, which was founded in 2003, was spending heavily during this period as it was promoting its property developments in Portugal and eastern Europe. It spent €147,200 on advertising and €15,200 on property exhibitions in Ireland in 2006.
Kendar wrote cheques averaging €5,000 a game on corporate entertainment for rugby matches including the Heineken European rugby cup final between Munster and Biarritz at the Millennium Stadium in Wales.
The company paid €4,245 for corporate tickets and hospitality for the game between Ireland and England at Croke Park in February of last year and wrote a €9,680 cheque in July 2006 to the company that manages the hospitality at the Galway Races. A further €4,350 was paid on hospitality in January 2007.
In 2005, Kendar spent €3,630 on corporate hospitality on the Neil Diamond concert in Dublin in June and entertained guests at a U2 concert in Croke Park, also that month.
The company also paid a €6,000 deposit on a Range Rover in February 2006. It made monthly repayments totalling €3,200 on a car loan for a Jaguar over the first half of 2006 and a further €3,250 over the same period for a loan on a Mercedes.
Kendar made payments of €13,300 to charities and on sponsorship deals in 2006, including €7,000 to a Gaelic football club in January 2006. The company also donated a further €1,500 to a Co Mayo community festival.
The company records show that €4.2 million was paid out in 2006 under a heading, "Michael Lynn Personal", with €2.2 million coming back into the business as lodgements under this heading.
Mr Lynn who is originally from Crossmolina, Co Mayo, and whose law practice and property business was based in Dublin, failed to appear in the High Court for cross-examination last December.
He is facing arrest if he returns to Ireland. His current whereabouts are unknown. He owes Irish financial institutions an estimated €84 million and is at the centre of a multitude of legal actions. He is being investigated by the Law Society and the Garda over his property and financial dealings.