Businessman should have declared interest in property deal, court told

Mr Cushnahan (photographed outside court on 1 October) denies two fraud charges

A Belfast court has heard that businessman Frank Cushnahan should have "held his hands up and declared an interest" in a potential multi-million pound property deal.

Frank Daly, the former chairman of Ireland's National Asset Management Agency (Nama), was giving evidence in the trial of two prominent businessmen in a case linked to the £1.1bn sale of a loan book held by Nama in 2014.

Mr Cushnahan, 83, of Alexandra Gate, Holywood, denies two fraud charges.

Ian Coulter, 54, of Templepatrick Road, Ballyclare, denies five charges, including fraud and transferring criminal property.

Ian Coulter (pictured outside court in September) denies the charges

Mr Cushnahan was appointed as an external member of the Northern Ireland Advisory Committee which was set up by Nama to advise in respect of the property debts in Northern Ireland.

He is accused of failing to inform Nama that he was providing information to a firm called Pimco over the proposed purchase of the Northern Ireland loan book from Nama.

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

It is alleged his intention was to make a gain for himself or someone else. A charge he denies.

The charges relate to the sale of a loan book held by Ireland's National Asset Management Agency (Nama), more than 10 years ago.

On Wednesday, prosecutor Jonathan Kinnear KC asked Mr Daly: "If Mr Cushnahan had an interest in the Pimco deal and declared it, would you have allowed him to attend the meeting?"

Mr Daly replied: "No"

When asked why, he said: "Because it would have been a conflict of interest. It's just something he shouldn't be present at or allowed to be aware of Nama's thinking."

What is Nama?

Nama is the Republic of Ireland's "bad bank", 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 offload non-performing loans acquired from troubled banks.

Mr Cushnahan and Mr Coulter are both charged with fraud by false representation on or around 3 April 2014.

Mr Coulter faces a further four charges including transferring criminal property, namely money, between 15 September and 1 December 2014.

Between 1 April 2013 and 7 November 2013, Mr Cushnahan 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.

Both men deny all of the charges against them.

The trial continues.