Financier Mr George Finbarr Ross acted in a "clearly dishonest and deceptive" manner towards his investors at a time when he allegedly knew his company, International Investments, based in Gibraltar, was in trouble in the mid 1980s, a Belfast court heard yesterday.

The claim was made by Mr John Creaney QC, prosecuting, as he concluded his opening of the Crown Court case against Mr Ross (54), from Cork, who denies duping investors and issuing false accounts about IIL which went bankrupt in 1984 owing millions.

"This man had a dishonest mind when he made those representations, or allowed them to be made about a company which we say he owned - and when he did that he was deceiving the people who were listening to him," said Mr Creaney.

He also claimed that what was occurring "was clearly dishonest and deceptive on the part of this man, Finbarr Ross".

Statements from some of Mr Ross's former investors were also read to the court. Each of them told how in early 1984 they received statements from the company which purported to show how much IIL held on account for them. In turn, each investor said they believed the statements of account "were true and accurate", but they also said had they been told or informed of the financial standing of IIL they "would not have placed or maintained deposits with IIL".

In each case, unaware of the massive financial problems facing the company, investors said they accepted what they were told until it was too late and they learned the company had gone bust and their money with it.

The trial continues on Monday when evidence from other investors will be given in person before the jury.