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Prosecution case against Frank Cushnahan officially concludes today

Co Down businessman Frank Cushnahan has been on trial since last September on a charge of fraud - which he denies
Co Down businessman Frank Cushnahan has been on trial since last September on a charge of fraud - which he denies

The prosecution case against a Co Down businessman accused of fraud officially concluded today.

Frank Cushnahan has been on trial since last September on a charge of fraud that he denies.

The 84-year old, from Alexandra Gate in Holywood, has been accused of fraud by failing to disclose information between April 1 and November 7, 2013.

The charge relates to the sale of the Northern Ireland property loan book held by the National Assets Management Agency (NAMA).

The agency was set up in Ireland in 2009 following the property crash and banking crisis.

As the trial at Belfast Crown Court resumed today following the Christmas break, the jury of nine men and three women were addressed by Crown barrister Jonathan Kinnear KC.

The prosecutor revealed that over the break "we have managed to dispense with all other witness evidence there is."

Mr Kinnear then told them of "one agreed fact" which is that "Mr Cushnahan has no previous convictions."

Following this, Mr Kinnear told trial judge Madam Justice McBride "My Lady, with that agreed fact that effectively is the close of the prosecution case."

Defence barrister Frank O'Donoghue KC, representing Cushnahan, also addressed the senior judge and said: "I have an application in the absence of the jury."

As a result, Madam Justice McBride said the legal matter being dealt with in their absence will take "a little time" and told the 12 members to return to court at the start of next week.

It is the Crown's case that between April and November 2013 Cushnahan was providing assistance to the American investment fund Pimco regarding the sale of the Northern Ireland loan portfolio.

The Crown also alleges that at the relevant time, Cushnahan sat on the Northern Ireland Advisory Committee which was set up by NAMA to advise in respect of property debts in Northern Ireland.

In this role, it is the Crown's case that he was under a legal duty to disclose any conflict of interests that he had which he failed to do.

Ultimately the deal with Pimco fell through in March 2014 and the following month a billion-pound deal with another US investment fund Cerberus was agreed.