The jury in the Aer Lingus Holidays fraud trial has been told the value of a property in a rental-purchase deal is not determined by the property itself but by the tenant involved.
Mr Oliver Tuffy of ABN-Amro said he was contacted by Capital Leasing Ltd for quotations in relation to property deals in Lanzarote and mainland Spain involving Aer Lingus Holidays. He identified a letter dated October 4th, 1988 with what he said was a successful quotation for a deal involving a property in Lanzarote. ABN-Amro didn't finance the deal as such, but in fact "purchased a rental stream".
It was day-29 of the trial of Mr Peter Keely and Mr Desmond P. Flynn, who are pleading not guilty to conspiracy to defraud.
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