Patrick Lynch rejects ATL fraud claims
Published:Thursday | January 20, 2011 | 12:00 AM
Patrick Lynch, retired director of finance and planning of the Sandals Group, has told the Financial Services Commission (FSC) that he is at a loss as to why his house was raided by the police as part of a fraud investigation.
Lynch, who is also a former chairman of the Appliance Trader Limited (ATL) Group Pension Fund, has denied claims that he used forged documents to commit a multimillion-dollar fraud on the pension scheme and has asked his attorneys to take the necessary steps to secure damages for loss of reputation.
"This is a baseless accusation that tarnishes my reputation. My integrity is beyond question and I have worked diligently over the past 48 years establishing an impeccable reputation," he said in a statement to the FSC.
Lynch retired from all positions in the ATL Group at the end of last month.
Police officers from the Fraud Squad raided the homes of Lynch, Dr Jeffrey Pine and Katryne Barber.
Fitz Bailey, head of the Fraud Squad, told The Gleaner that the police were investigating a matter at Gorstew, but refused to give details.
Gorstew is the holding company for the Gordon 'Butch' Stewart-owned Jamaica Observer, ATL and Sandals.
The value of the pension fund reportedly stood at $6.2 billion at the end of 2009.
In his statement, Lynch said Stewart had complained that he was not consulted by the board of trustees to distribute benefits from surpluses in the fund to pensioners and members of the fund.
Lynch claimed Stewart was objecting to the distribution of $351 million of surpluses in 2008, identified in the annual audit and tri-annual actuarial report.
But Lynch, who has has asked the FSC to undertake a thorough investigation into the operation of the ATL pension fund, argued that the procedures for the operation of the fund "have been strictly adhered to over the years and the supporting documentation maintained in the offices of the pension fund".
In relation to the raid on his home, Lynch said he was in the hospital recovering from surgery when it took place.