Fraud trial for defendant cannot continue, judge rules

Ian Coulter pictured leaving Belfast Crown Court in September 2025

A judge has ruled that the trial of one of the defendants in a high-profile fraud case in Belfast cannot continue.

Former law firm managing-partner Ian Coulter has been on trial since September, accused of five charges which he denies.

Mr Coulter was charged in connection with a £1.1bn property deal done in 2014 - the sale of the Northern Ireland loan book held by the National Asset Management Agency, known as Nama.

The jury was told by the judge on Monday that a health issue had arisen with Mr Coulter's senior barrister and his trial could not continue.

However, the trial of his co-accused, prominent Belfast businessman Frank Cushnahan, will proceed, although on only one of the two charges which he faces. He denies both charges.

On Monday, the judge in the case, Madam Justice McBride, addressed the 12-member jury which is made up of nine men and three women.

She explained the situation regarding Mr Coulter and told them the trial of Mr Cushnahan is likely to continue until mid-January.

Frank Cushnahan outside an earlier hearing at Laganside Court in Belfast in September 2025

Mr Coulter sat in the dock listening to the proceedings and was then told he could leave, before further evidence in the case was heard.

The judge said that the jury should discount some of the evidence they had heard previously, but indicated she would outline more details at a later date.

Mr Coulter, 54, from Templepatrick Road in Ballyclare, County Antrim, denies five charges. He used to be the managing partner at Belfast-based Tughans law firm but is now working for a different company.

The prosecution case against Mr Coulter will continue but not at this trial.

Mr Cushnahan, 83, from Alexandra Gate, Holywood, County Down used to be an adviser to Nama, sitting on its Northern Ireland committee.

The jury-trial at Belfast Crown Court began 10 weeks ago.

Nama was set up by the Irish government in 2009 in the wake of the financial crisis which broke out the previous year. Nama's role was to off-load non-performing loans acquired from troubled banks.

The trial of Mr Cushnahan will continue on a charge which dates back to events alleged to have taken place more than 10 years ago.

Between 1 April 2013 and 7 November 2013, he is accused of dishonestly failing to disclose information, that he was under a legal obligation to disclose to the Northern Ireland advisory committee and Nama.

He is accused of failing to inform them that he was providing information to a firm called Pimco over the proposed purchase of the Northern Ireland loan book from Nama. It is alleged his intention was to make a gain for himself or someone else.

Mr Cushnahan denies the charge.

The case is continuing with further evidence being heard on Monday.