The MMI Stockbrokers' client account allegedly defrauded of £1.9 million (€2.41 million) by the stockbroking firm's directors, at one stage held Dana Petroleum shares worth almost £5.5 million.

The Central Bank was told the owner of the account was a Co Clare bookmaker and amusement arcade owner, Mr Adrian Lynch. His company's annual return for 1998 indicates a profit of approximately £5,000. Mr Lynch has denied any connection with the account.

The client account was in the name of Cater Allen Nominees Ltd, a Jersey subsidiary of the Abbey National group. It in turn operated the account on behalf of another Jersey company, Loki Investments Ltd. The beneficial ownership of Loki Investments is unclear despite an inquiry by the Central Bank.