Nama accused will not give evidence in fraud trial

The Belfast businessman Frank Cushnahan has decided not to give evidence in his defence at his fraud trial.

Cushnahan, 84, from Alexandra Gate, Holywood, County Down, has been on trial since September in relation to his role as an adviser to the National Asset Management Agency, known as Nama.

He denies a charge of fraud by failure to disclose information.

At the start of proceedings on Tuesday, his barrister Frank O'Donoghue KC told the court that the defence would not be calling any evidence.

The judge Madam Justice McBride asked the barrister: "Have you advised your client that the stage has now been reached at which he may give evidence and if he chooses not to do so… the jury may draw such inferences as appear proper from the failure to do so?"

The barrister confirmed he had done so.

The prosecution concluded its evidence last week and the trial has now moved into its final stages.

Cushnahan has been a prominent businessman in Northern Ireland over many decades, working in both the private and public sector.

The trial dates back to 2013 when he was an advisor to Nama, and there was the potential sale of its Northern Ireland loan book after the financial crash.

Cushnahan served as an adviser to Nama for three years.

It is alleged that between April and November 2013, he was providing assistance to an American firm called Pimco but did not tell Nama, even though, the prosecution say, he was under a legal duty to do so.

At the time, Pimco was interested in buying the Northern Ireland loan book from Nama. In the end, it was sold to another firm, Cerberus, in a deal worth more than £1bn.

It is alleged that by failing to disclose information to Nama, Cushnahan was in a position to make a gain for himself or someone else.

The trial at Belfast Crown Court is being held before a 12-member jury of nine men and three women.

Nama is the Republic of Ireland's "bad bank", set up to deal with toxic loans after the 2008 property crash.

The agency was established by the Irish government in 2009.

It was responsible for recovering the value of problematic loans made by other Irish banks during the Celtic Tiger period.

Nama bought these loans (land and property and associated loans) at a discount and sold them to the highest bidder - developers and investment firms.

Nama had previously paid about £1.1bn to Irish banks for the Northern Ireland loans, that were worth about £4bn.

The Northern Ireland loan book was packaged into one portfolio, to be sold in one lump. That portfolio was called Project Eagle.