Costa de Cabanas development

Fugitive solicitor Michael Lynn is at the centre of a new fraud probe after Hungarian police received complaints about his property dealings there.
The lawyer who fled Ireland owing €83m in multiple-mortgage debts was in Budapest as recently as Tuesday in a desperate bid to keep his property empire float.
Police have launched the fraud investigation following the collapse of a 156-apartment development owned by the fugitive solicitor into which Irish SSIA investors have ploughed their savings.
An Irish Independent investigation has found:
l Lynn began selling off his foreign companies weeks before he absconded last December. l He recently gave one Hungarian colleague power of attorney over his affairs "for the whole term of my incapacitation".
l Complaints were filed with the police in Budapest after the 156 apartment Sziv 61, owned by Lynn's Croi 61-- translated as Heart 61 -- was abandoned by builders in December.
l Lynn's wife, Brid Murphy, is expected next week to challenge a raid on the home she shared with Lynn at St Albans, Sandymount, by the Dublin Sheriff's office.
The news from Hungary will come as a major blow to individual Irish backers, who have already laid down tens of thousands in deposits for the Sviz 61 apartments and townhouses.
Builders walked off the Sziv 61 site last December, unaware that Lynn had in fact sold it on November 30, and complained to police after "questionable" agents claimed they were representing the Mayo-born lawyer.
"A few questionable companies and civilians turned up 'representing' Michael Lynn and handled in some fake authorisations that they could act on behalf of Lynn," said Attila Toth, the head of the Plan 60 building company.
"We rejected these authorisations and reported it to the police as our lawyers thought it was a question of forgery and fraud."
Documents filed with the Hungarian companies registrar show Lynn sold on Croi 61 on November 30. It was bought out by Raspotec, which shares Croi 61's Hungarian address and is ultimately owned by Cyprus-based Morgar Trading.
Mr Toth, however, was not made aware of any changes of ownership.
The builder now says the equivalent of €1m in fresh funds is needed to complete the development. Failing this, he plans to pursue Croi 61 for the equivalent of about €370,000 in penalties.
News of the Hungarian police probe comes as the Irish legal community braces itself for fresh "revelations" about the scandal that are expected to unfold in the High Court on Monday.
The Dublin Sheriff's office recently broke locks to get access to Lynn's Sandymount home. Officials removed several items, including boxes of "reasonably good" French wine; chairs, tables, mirrors, a washing machine, tumble dryer and microwave.
Seized
The items were seized on the back of High Court orders obtained by the banks last month, but his wife Brid has claimed that, as a joint owner, she was not given due notice of the raid and is seeking the return of items owned by her.
Lynn's Hungarian dealings were uncovered during an extensive Irish Independent trawl of the Mayoman's overseas companies.
The review of his main holding companies reveals the solicitor remains the sole owner of several companies in his main markets of Bulgaria and Hungary.
The ownership structure of Lynn's Portuguese operations, which are behind Costa de Cabanas -- his largest remaining development -- remains unclear as they don't have to file ownership information.
Accounts for Lynn's eastern European holding companies show the largest company has accumulated profits of less than €400,000, which will provide little comfort to banks and investors who are owed millions.
Apartment
In Hungary, Lynn's Kendar property firm was supposed to be building out Sziv 61, 49 apartments in Budapest's Eotvos Street and 105 apartments in Budapest's Amber Square.
Sziv 61, which translates to Heart 61 in English, is owned by Hungarian registered Croi 61.
Croi 61 was founded by Michael Lynn in 2005 and owned by the Mayoman until November 30.
Lawyers tidying up Mr Lynn's Hungarian affairs have previously said that money for Amber Square seemed to be "completely gone" while Eotvos is expected to be built out.
In Bulgaria, local representatives insisted before Christmas that a ski development in Bansko would be completed. The office did not answer calls this week.
Meanwhile, files at the Sofia court house show Lynn is the sole owner of Kendar Bulgaria.
Calls to Portuguese manager Nuno Paulino were not returned this week.
Mr Paulino is responsible for building Kendar's most prestigious project, the 282- property Costa de Cabanas development in the Algarve, in Portugal.

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