Lynch matter 'difficult' for ATL

Appliance Traders Ltd (ATL) Group has made its first public statement on a fraud investigation involving former director Patrick Lynch.

In a statement yesterday, Dmitri Singh, attorney for ATL Group, said: "This exercise with Patrick Lynch is certainly one of the most difficult our company has ever faced in its 40-plus years of existence."

Singh added: "This matter is now in the hands of the police, therefore we are constrained in making any further comments at this time, but we will say that there are significant gaps and unresolved issues in statements made by Mr Lynch which we will address in the appropriate time and forum."

Lynch, who is also a former chairman of the ATL Group Pension Fund, has denied claims that he used forged documents to commit a multimillion-dollar fraud on the pension scheme. He said on Wednesday that he has asked his attorneys to take the necessary steps to secure damages for loss of reputation.