Businessman explains why he called fraud accused 'greedy'

Ian Coulter (left) and Frank Cushnahan (right) have denied the charges against them

A businessman has explained to a Belfast court why he referred to one of the accused in a fraud trial as "greedy".

James Gilbert was giving evidence in a case linked to the National Asset Management Agency (Nama) and its efforts to sell its Northern Ireland loan book in 2013.

In a private email, shown to the court, Mr Gilbert used the word "greedy" in reference to the former managing partner at the Belfast law firm Tughans, Ian Coulter, who denies five charges including fraud and transferring criminal property.

Well-known Belfast businessman Frank Cushnahan, who used to be an adviser to Nama, is also on trial, accused of fraud. He too denies the charges against him.

The trial, which began in September, on Monday heard from Mr Gilbert, who used to work in the London office of the American investment firm Pimco, which was interested in a deal with Nama.

Mr Gilbert told the court he spoke to Mr Coulter and Mr Cushnahan about the proposed sale of the Northern Ireland loan book in 2013.

He said that a proposed "success fee" of €16m had been agreed. Mr Gilbert said it would be split three ways, between Mr Cushnahan, Tughans and the law-firm Brown Rudnick.

However, the court was told that in an email in September 2013, a UK-based lawyer from Brown Rudnick, Tuvi Keinan, indicated that Mr Coulter believed the agreed figure for the success fee would be £16m, not euros.

This would have amounted to a fee which was, at the time, around 20% higher.

Mr Gilbert responded to Mr Keinan: "Tell him he's a greedy (expletive) from me."

Asked in court to explain his remark, he said he believed it was definitely €16m, not pounds, that had been agreed.

He said that there had been a "misunderstanding", or a "re-trade" was being attempted.

Frank Cushnahan outside court on 1 October

In the end, the deal did not go through for other reasons, and the loan book was sold to a different investment firm, Cerberus, in April 2014.

The court was told that Mr Gilbert first heard mention of a success fee in the proposed Pimco deal in a Stormont car park. It followed a meeting with the then First Minister Peter Robinson and Finance Minister Sammy Wilson.

Mr Gilbert said it was Mr Keinan who raised the issue of the fee.

The court was told there is nothing "intrinsically wrong" with a success fee.

The prosecution has argued that Mr Cushnahan failed in a legal duty to declare an interest at Nama in the proposed Pimco deal when he started working on it

Ian Coulter outside court in September

Nama was set up in the Irish Republic after the financial crash in 2008 to offload non-performing loans acquired from troubled banks.

Mr Coulter, 54, from Templepatrick Road in Ballyclare, denies all the charges against him.

Mr Cushnahan, 83, from Alexandra Gate, Holywood, County Down, denies two fraud charges.

He served on the Northern Ireland Advisory Committee (NIAC) of Nama, as an external member, from 2010 to 2013.

The 12-member jury has been told by the judge not to make up their minds about the case until they hear all of the evidence and all of the witnesses.

They have also been told not to do their own research on the case.

The trial, which began in September, is being held before judge Madam Justice McBride.