The jury in the fraud trial of Co Down businessman, Frank Cushnahan, has been released until next week as the judge considers an application from his defence team.
Mr Cushnahan (84) from Alexandra Gate in Holywood, has been on trial in Belfast since September, accused of fraud by virtue of failing to disclose information between certain dates in 2013 relating to the sale of the Northern Ireland property loan book held by the National Asset Management Agency (Nama).
The agency was set up in 2009 following the property crash and banking crisis.
Prosecuting barrister, Jonathan Kinnear KC, told the jury of nine men and three women on Tuesday as he concluded the case against Mr Cushnahan that the two sides had managed to “dispense with all other witness evidence there is” over the Christmas break in proceedings.
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He told the jury there was one agreed fact – that “Mr Cushnahan has no previous convictions”.
After the conclusion of the prosecution case, Frank O’Donoghue KC, representing Cushnahan, told trial judge Madam Justice McBride that he had an application to make in the absence of the jury.
Determining that the legal matter being dealt with in their absence would take “a little time”, Madam Justice McBride told the jury members to return to court at the start of next week.
In the trial, the prosecution alleges that, between April and November 2013, Mr Cushnahan was providing assistance to the US investment fund, Pimco, regarding the possible purchase of the Northern Ireland loan portfolio.
This, the prosecution alleges, took place at the same time as Mr Cushnahan sat on the Northern Ireland advisory committee set up by Nama to advise it in respect of property debts in Northern Ireland.
The prosecution claims that, in his Nama role, he was under a legal duty to disclose any conflict of interests he had which he failed to do.
Ultimately the deal with Pimco fell through in March 2014. The following month a billion-pound deal with another US investment fund, Cerberus, was agreed.
