THE JURY IN the multi-million euro theft trial of former solicitor Michael Lynn has been discharged after it failed to reach an agreement.

The jury was unable to reach a majority verdict after just over 12 hours of deliberations in the wake of the three-and-a-half month trial, the Dublin Circuit Criminal Court was told today.

Judge Martin Nolan asked the jury if it could possibly reach a verdict if it was given more time. The jurors replied that they could not.

The judge then said he had no other option but to discharge the jury and he thanked them for their service.

Lynn made no reaction when the jury said it was unable to reach a verdict.

Lynn (53) of Millbrook Court, Red Cross, Co Wicklow had pleaded not guilty to 21 counts of theft in Dublin between 23 October, 2006 and 20 April, 2007, when he was working as a solicitor and property developer.

It was the prosecution’s case that Lynn obtained multiple mortgages on the same properties in a situation where banks were unaware that other institutions were also providing finance. These properties included ‘Glenlion’ – Lynn’s €5.5 million home in Howth – and multiple investment properties.

The financial institutions involved were Bank of Ireland, National Irish Bank (later known as Danske Bank), Irish Life and Permanent, Ulster Bank, ACC Bank, Bank of Scotland Ireland Ltd and Irish Nationwide Building Society.

Lynn took the stand for nine days and told his trial that the banks were aware he had multiple loans on the same properties and that this was “custom and practice” among bankers in Celtic Tiger Ireland.

He 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 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.

Prosecution counsel asked for a mention date in the next court term in order to get directions from the Director of Public Prosecutions.

The judge adjourned the matter until 20 June and remanded Lynn on continuing bail until then.