The letter from the Portuguese arm of the property empire even seems to disassociate itself from its founder:

"Following recent publicity surrounding Mr Michael Lynn in Ireland, we at Kendar Portugal wish to distance ourselves" from the deepening Dublin scandal.

The letter goes on to claim that all of Kendar's Portuguese assets are owned in Portugal and that clients will be expected to fulfil their terms of the contract. It says clients will receive their investment properties and boasts that all the relevant documents are available for inspection in the company's Portugal office.

An Irish client only willing to be identified as 'Michael', one of the first callers to RTE's Liveline on the subject, was scathing about the letter.

"I don't think it's worth the paper it's printed on", he said.

He added that he had left several messages on the answerphone at the Portugal office, but with no reply.

He sounded exasperated that most media outlets were focusing on the banks to the exclusion of worried investors. "You listen to the radio and it's, 'Oh, the poor banks', " he said. "If there was a number I could call to donate and help them out. . ."