Peter Robinson gives evidence to fraud trial

Former First Minister Peter Robinson has given evidence at a high-profile fraud case at Belfast Crown Court.

On trial is 83-year-old Belfast businessman Frank Cushnahan, who Mr Robinson has known for over 30 years.

Mr Cushnahan has been charged in connection with events leading up to the sale in 2014 of the Northern Ireland loan book held by the National Asset Management Agency, known as Nama. Charges he denies.

Mr Robinson, who stepped down as DUP leader in 2016, was first minister during the period covered by the trial.

He told the court he had known Mr Cushnahan for “30 or 40 years”, including when the businessman was chair of Belfast Harbour Commissioners.

He said Mr Cushnahan had performed a number of roles over the years in the public sector, before and after powers were devolved to Stormont.

Mr Robinson told the court: “He was appointed in the first instance by deirect rule ministers. So when they left, they left the furniture and Frank.”

Last week, a judge ruled that the trial of one of the defendants, Ian Coulter, cannot continue.

However the trial of his co-accused, prominent Belfast businessman Frank Cushnahan, is proceeding, although on only one of the two charges which he faces.

Mr Cushnahan, from Alexandra Gate, Holywood, County Down used to be an adviser to Nama, sitting on its Northern Ireland committee.

His trial will continue on a charge which dates back to events alleged to have taken place more than 10 years ago.

Between 1 April 2013 and 7 November 2013, he 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.

Mr Cushnahan denies the charge.

During 40 minutes of evidence on Monday, Mr Robinson told the court he attended a meeting with Pimco in May 2013 and among the other attendees was Mr Cushnahan.

Mr Robinson described the meeting as a “meet and greet” and an opportunity to tell the potential investors “how wonderful Northern Ireland was”.

He said it was an early stage and “Pimco were putting their toe in the water”.

In the end, a potential deal with Pimco fell apart in the later stages and the loan book was sold in 2014 to a different firm, Cerberus.

Mr Robinson said it had been a difficult time for the Northern Ireland economy in the wake of the financial crash.

He said: “The cranes were idle. Construction workers were on the dole.”

He said ministers on all sides “wanted to get the market kick-started”.

The 12-member jury is made up of nine men and three women.

The judge in the case, Madam Justice McBride, has told them that the trial is expected to last until mid-January.

So far in the 11-week trial, all of the witnesses have been called by the prosecution, including Mr Robinson.

Later in Monday’s hearing, the businessman Kevin Lagan from Lagan Developments gave evidence.

He said he had sought advice from Mr Cushnahan after the financial crash, which had a “huge effect” on his business interests.

He told the court he had taken out a £10m loan on a cement plant and he claimed Nama had tried to take it over.

Mr Lagan said Mr Cushnahan, whom he had known for many years, advised him to write to the chief executive of Nama and the situation was later resolved.

The trial is due to resume on Tuesday.

Nama is the Republic of Ireland’s “bad bank”, set up to deal with toxic loans after the 2008 property crash. It was established by the Irish government in 2009.

It was responsible for recovering the value of problematic loans made by other Irish banks.

The agency bought these loans (land and property and associated loans) at a discount and sold them to the highest bidder, which would have been a developer or investment firm.

Nama had previously paid about £1.1bn to Irish banks for the Northern Ireland loans, that were worth about £4bn.

The Northern Ireland loan book was packaged into one portfolio, to be sold in one lump. That portfolio was called Project Eagle.

The 12-member jury, made up of nine men and three women, was sworn in last week.