Michael Lynn jailed for five-and-a-half years

Judge Martin Nolan yesterday handed down a total sentence of 13 years’ imprisonment, reduced by seven-and-a-half years due to the four-and-a-half years Mr Lynn spent imprisoned in Brazil fighting his extradition to Ireland.

It follows Mr Lynn’s conviction in December 2023 on 10 of 21 counts of theft, all of which he denied.

Speaking after the sentencing, Ciarán Mulholland, solicitor for Mr Lynn, said: “Our client has now instructed that an appeal by filed immediately against his conviction and sentence.

“Despite two lengthy trials and an incredibly aggressive prosecution, neither jury were able to reach a verdict on the majority of counts which the DPP have today decided to withdraw. We welcome this decision.”

He added: “A prosecution must always be in the public interest and bring finality to wrongdoings.

“This case continues to raise more questions than answers, the majority of which are directed at the banking institutions, the political establishment and their reckless financial conduct in previous years whereby the Irish taxpayer continues to carry the burden.

“It is always easy to demonise an individual in order to deflect the attention away from the true culprits. It is now high time that Ireland finally acknowledged the toxicity of our banking institutions that lack any real oversight or regulation.

“We call on the Oireachtas to establish a tribunal of inquiry to properly investigate these systemic flaws of banking in Ireland which is clearly of significant public importance.”