A Belfast broker who invested money for clients with bankrupt company International Investments Limited (IIL) revealed yesterday that the Gibraltar government had offered to pay half the debts off.
Mr John Barber, from Barber and Payne, a Co Down investment consultants firm, told Belfast crown court the Gibraltar government said during the 1980s it would pay 50 per cent of the known debts because it admitted negligence in monitoring IIL. Mr Finbarr Ross (54) denies 41 charges in relation to the collapse of IIL, including false accounting and misleading investors.
Asked by defence QC, Mr Arthur Harvey when the Gibralter government's offer had been made, Mr Barber replied he couldn't remember, but then said it was during the appointment of one of the liquidators, Mr James Galliano.
Mr Barber said: "I remember that it was a very important thing to me that International Investments (Ltd) was not properly monitored. It gave our clients a way of getting their money back."
However, he was unable to produce a letter in court yesterday stating such an offer was made from the Gibraltar government.
Earlier, Mr Barber said, when he first got involved in the company, it appeared "on the ground floor of property investment; it seemed the only way was up".
In 1984, his concern was first raised when his mother's application to take some money out of the company didn't transpire. After this he became involved with a committee of brokers which began investigating the company.
The trial continues.
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