Disgraced Solicitor to Repay E29m; Nervous: Thomas Byrne Now Faces a Criminal Investigation for Fraud
Byline: PAUL CAFFREY
DISGRACED solicitor Thomas Byrne was yesterday ordered by the High Courtto pay nearly E30million to four financial institutions - including the missingE9million sum he owes to IIB Bank.
Mr Byrne, whose legal practice has been shut down by the Law Society, now alsofaces a criminal investigation by the Garda fraud squad over his dealings withone building society.
The 41-year-old looked tense and uncomfortable in court yesterday as he wasordered by Mr Justice Peter Kelly to pay E9million to IIB Bank, e12.5million toEBS building society, E4.8million to Anglo Irish Bank and E2.5million to ACCBank.
It is believed that IIB Bank is still trying to trace the E9million it lent toMr Byrne.
The court also ordered that papers shouldbe sent to the National Bureau of Fraud Investigation.
Judge Kelly said: 'It seems clear to me that large sums of money were obtainedby the defendant where undertakings were dishonoured or not put in place on agrand scale.' Mr Byrne's lawyers mounted no opposition to the judgment forE12.5million to be paid to EBS.
The court heard that ten loans were made by EBS to Mr Byrne in a four-yearperiod between August 2003 and August 2007, 'to assist in the purchase ofcommercial and residential properties'.
The proceedings taken by IIB were transferred to the commercial wing of theHigh Court yesterday, where the bank's application for payment of E9million washeard.
Michael Cush, for IIB, told the court there had been 'no repayment' of themoney lent and a 'manifest breach' of conditions. …