The jury in the multi-million euro theft trial of former solicitor Michael Lynn has been told it can return a majority verdict if it is unable to reach a unanimous decision.
On Tuesday afternoon, after the jury had been deliberating for just under 10 hours, Judge Martin Nolan said he would accept a majority verdict in which at least 10 jurors were agreed.
The jury continued deliberations for a further 20 minutes before being sent home for the night. It will return to court at 2pm on Wednesday.
Mr Lynn (53) of Millbrook Court, Red Cross, Co Wicklow is on trial accused of the theft of around €27 million from seven financial institutions. He has pleaded not guilty to 21 counts of theft in Dublin between October 23th, 2006 and April 20th, 2007.
The Dublin Circuit Criminal Court trial has been running for three and a half months.
It is the prosecution’s case that Mr Lynn obtained multiple mortgages on the same properties, in a situation where banks were unaware that other institutions were also providing finance.
The financial institutions involved are Bank of Ireland, National Irish Bank (later known as Danske Bank), Irish Life and Permanent, Ulster Bank, ACC Bank, Bank of Scotland Ireland and Irish Nationwide Building Society.
Mr Lynn has told the trial that the banks were aware he had multiple loans on the same properties and that this was “custom and practice” among bankers in Ireland during the Celtic Tiger.
He has said he had “secret deals” with a number of bankers, who gave him permission to use the loan money for his property developments abroad.
He told the court that he and former Irish Nationwide chief executive Michael Fingleton were involved in a secret profit share agreement in relation to a property development in Portugal.
