Fraud trial for Ian Coulter cannot continue, judge rules

A judge has ruled that the trial of one of the defendants in a high-profile fraud case in Belfast cannot continue.

Former law firm managing-partner Ian Coulter has been on trial since September, accused of five charges which he denies.

Mr Coulter was charged in connection with a £1.1 billion property deal done in 2014 – the sale of the Northern Ireland loan book held by the National Asset Management Agency, known as Nama.

The jury was told by the judge on Monday that a health issue had arisen with Mr Coulter’s senior barrister and his trial could not continue.

However, the trial of his co-accused, prominent Belfast businessman Frank Cushnahan, will proceed, although on only one of the two charges which he faces. He denies both charges.

On Monday, the judge in the case, Madam Justice McBride, addressed the 12-member jury which is made up of nine men and three women.

She explained the situation regarding Mr Coulter and told them the trial of Mr Cushnahan is likely to continue until mid-January.

More to follow

Nama is the Republic of Ireland’s “bad bank”, set up by the Irish government in 2009 in the wake of the financial crisis which broke out the previous year.

Nama’s role was to offload non-performing loans acquired from troubled banks.

Mr Cushnahan and Mr Coulter are both charged with fraud by false representation on or around 3 April 2014.

Mr Coulter faces a further four charges including transferring criminal property, namely money, between 15 September and 1 December 2014.

Between 1 April 2013 and 7 November 2013, Mr Cushnahan is accused of dishonestly failing to disclose information, that he was under a legal obligation to disclose to the Northern Ireland advisory committee and Nama.

He is accused of failing to inform them that he was providing information to a firm called Pimco over the proposed purchase of the Northern Ireland loan book from Nama.

It is alleged his intention was to make a gain for himself or someone else.

Both men deny all of the charges against them.