One of Northern Ireland’s most prominent property developers told a jury on Tuesday the lives of two men on trial for fraud have been “destroyed, both professionally and personally.”
Andrew Creighton was called to give evidence at an ongoing trial in Belfast Crown Court.
Ian Coulter, 54, a former managing partner of Tughans solicitors, has been charged with five offences from April 3 to December 1, 2014.
His 83-year old co-accused, former corporate financier Frank Hugh Cushnahan has had two counts of fraud from April 1 to November 7, 2013 levelled against him.
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Both men have denied the charges. It’s the prosecution’s case that they were involved in brokering a deal to purchase Nama’s Northern Ireland loan book and were set to benefit from a multimillion pound success fee.
Mr Creighton told the jury he trusted both men and outlined how, in his opinion, their lives have been destroyed and how it has been “devastating for them.”
Before this, Mr Creighton was questioned about his dealings with both men by prosecution barrister Jonathan Kinnear KC.
He said he first met Mr Cushnahan around 2007. Mr Creighton confirmed that he and Mr Cushnahan had many business dealings over the next few years.
Moving on to 2014, Mr Kinnear asked Mr Creighton about a business meeting he had with Cushnahan in Tughan’s library in Belfast.
The witness said he got a call from someone who had been speaking to Mr Cushnahan who told him to contact Mr Cushnahan as he was “working on a project which could possibly see the Nama loan book sold.”
Mr Creighton said he called Mr Cushnahan who invited him for a meeting which took place at the start of February. Mr Cushnahan told him he was working on a deal to get the loan book refinanced or sold and “he asked me could I help with details of my portfolio.”
The witness said he asked Cushnahan who he was acting for and Mr Cushnahan “wouldn’t disclose” this which didn’t surprise him as he “would have been quite private in his dealings.”
Mr Creighton said that after this meeting, he provided Mr Cushnahan with “portfolio of documents” and that over a five or six week period he received “more and more questions asked” by “the third party” via Mr Cushnahan.
He said that providing these requests for information took time and manpower. He asked Mr Cushnahan ‘am I going to get paid for doing this work?’ to make a point as he didn’t want to continue running back and forth with paperwork and to stop the endless enquiries.
When asked what Cushnahan’s response to this was, Mr Creighton said Cushnahan told him “if there was a successful bid he would see if he could get me paid from the successful bidder.”
Mr Kinnear then questioned Mr Creighton about a second meeting later in 2014 with Mr Cushnahan.
He said during this meeting “Ian Coulter came into the room, just like grabbing a chance to say that no fees could be paid.”
He also confirmed that in December 2014 he was handed an envelope from Mr Cushnahan and was told it was contained a letter “along the lines I wouldn’t be making any claim against Tughans for any payment which I understand relates back to ‘am I going to get paid for this.’
Mr Kinnear then asked the witness a series of questions including whether he expected to receive a fee from the investment funds interested in purchasing the Northern Ireland loan book or if he had any knowledge of or made any suggestions about a £6 million fee.
Mr Creighton answered ‘no’ to all these questions.
He was also cross-examined by defence barristers representing both men on trial.
When asked by Mr Cushnahan’s barrister Frank O’Donoghue KC if his client was “somebody that you trusted”, Mr Creighton replied “yes, I still do.”
Coulter’s barrister Paddy Taggart then asked the witness if he considered Mr Coulter a “man of integrity” and “an honest man”, Mr Creighton said he did.
