The case is expected to last up to 12 weeks
The trial of two men facing fraud charges linked to a £1.2billion property deal in Northern Ireland will begin hearing evidence next week.
Prominent Belfast businessman Frank Cushnahan and former law firm managing partner Ian Coulter face charges arising out of an investigation into the sale of the Northern Ireland property loan book held by the Republic of Ireland’s National Assets Management Agency (Nama).
In a short hearing at Belfast Crown Court on Wednesday, the charges were read to the jury.
Judge Madam Justice McBride then outlined a series of ground rules to the 12 jurors. She highlighted that they had all taken an oath or affirmation pledging to decide the case only on the evidence they hear in court.
“You must remain true to that oath or affirmation,” she said.
“You decide the case on the basis of the evidence not on the basis of anything else.”
Justice McBride sent the jurors home and asked them to return on Monday for the prosecution’s opening statement. The trial is expected to last up to 12 weeks.
Nama was set up by the Irish Government in 2009 during the financial crisis to offload non-performing loans acquired from troubled banks.
Cushnahan, 83, of Alexandra Gate, Holywood, Co Down, was a former adviser to Nama, while Coulter, 54, of Templepatrick Road in Ballyclare, Co Antrim, was a senior figure in the law firm Tughans.
The loan book was sold to a US investment fund in 2014 in a deal named Project Eagle.
Cushnahan is charged with fraud involving a failure to disclose information between April 1 and November 7 2013.
Cushnahan and Coulter are both charged with fraud by false representation on or around April 3 2014.
Coulter is also facing four further charges:
- Fraud involving making an article in connection with a fraud, namely an invoice for the sum of £9 million, on or about August 13 2014;
- Fraud involving a false representation made on or around September 11 2014;
- Removing criminal property from Northern Ireland on or around September 15 2014;
- Transferring criminal property between September 15 and December 1 2014.
Both men have plead not guilty to all the charges.
For all the latest news, visit the Belfast Live homepage here and sign up to our daily newsletter here.