Prosecution concludes case against fraud accused

The prosecution has concluded its case in the long-running trial of a Belfast businessman accused of fraud.

Frank Cushnahan, 84, has been on trial since September in relation to the sale of the Northern Ireland loan book held by the National Asset Management Agency, known as Nama.

The case dates back to 2013 when he was an adviser to Nama.

Mr Cushnahan, from Alexandra Gate in Holywood, County Down, denies a charge of fraud by failing to disclose information.

During a short hearing on Tuesday, the court was told Cushnahan has no previous convictions.

After the prosecution ended its case, the jury was informed it was not required again in court until next week.

The judge, Madam Justice McBride, told them: “There is a legal matter we now have to deal with in your absence.”

It is alleged that between April and November 2013, Cushnahan was providing assistance to an American firm called Pimco but did not tell Nama, even though, the prosecution say, he was under a legal duty to do so.

At the time, Pimco was interested in buying the Northern Ireland loan book from Nama. In the end, it was sold to another firm, Cerberus, in a deal worth more than £1billion.

It is alleged that by failing to disclose information to Nama, Cushnahan was in a position to make a gain for himself or someone else.

In May 2010, Cushnahan was appointed to the Northern Ireland Advisory Committee of Nama.

The trail at Belfast Crown Court is being held before a 12-member jury of nine men and three women.

The jury has been told the trial is expected to last until the middle of January.