Philip Lynch Insider dealing case: The former chairman of An Post and boss of One51 is officially sanctioned by the High Court

The President of the High Court has upheld a series of insider trading penalties against the former CEO of a number of well-known companies.

hilip Lynch, former CEO of An Post and CEO of One51 and IAWS, is the first person in Ireland to have been found to be involved in insider trading.

A panel of experts appointed by the central bank recommended earlier this year that he be fined €75,000, banned from participating in a regulated financial services firm for five years, given a public warning and paid €37,500 towards the bank’s expenses.

The body was set up in 2013 under the 2005 EU Market Abuse Regulations. It recommended the sanctions last January after finding that Mr. Lynch broke the rules by using inside information to purchase 200,000 C&C shares for the account of his approved pension fund.

Today, Ms Judge Mary Irvine upheld the sanctions after being told by Mr Lynch that she did not oppose the motion.

The Central Bank’s Remy Farrell SC said this was the first such request under the relevant regulation. The rules provided that the bank could apply to the court for confirmation of the sanctions unless an appeal of the finding was made, as in this case, he said.

The request was based on an affidavit from Louise Gallagher, the head of the central bank’s investigations department.

She said that after a thorough hearing before the Advisory Panel last September, it was determined beyond a reasonable doubt that Mr. Lynch had “inside information” when he bought the 200,000 shares on October 21, 2008.

The court heard that Mr. Lynch’s disqualification will be effective from the date of the court order.

Marcus Dowling SC, for Mr Lynch, said it was recorded by the expert that this was an atypical case of insider trading as it was not done for his client to make immediate profits and he held the shares for a year had to hold. The point, however, was that if there had been any ambiguity Mr Lynch “should have exercised more caution and not traded (in the shares)”.

Ms Justice Irvine said she had read the papers and the bank was entitled to the orders sought based on the evidence presented.

She did not order the cost of the hearing, meaning both sides are bearing their own costs. Philip Lynch Insider dealing case: The former chairman of An Post and boss of One51 is officially sanctioned by the High Court

Fry Electronics Team

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