The court was told that the former head of the leading Belfast law firm tried to hide the payment of several millions of pounds received from the largest agreement between Northern Ireland.
The 54 -year -old Ian Coulter of TemplePatrick Road, Balylclare, previously headed by Tughans, is tried in a case of £ 1.1 billion, a Book of £ 1.1 billion. Organized by the Irish National Property Management Agency (NAMA).
He denies five accusations, including fraud and transfer of criminal property.
Mr. Coulter is tried in combination with Frank Cushnahan of Alexandra Gate, Holywood, who denies two charges of fraud. Mr. Cushnahan was previously a nama advisor.
Both men are accused of unlawful actions related to the sale of the entire Northern Irish loan portfolio, which were organized by the name of the house, after 2008. Financial disaster.
The goal of the Nama was to take over the billions of real estate development debts that banks in the Republic of Ireland.
The Northern Ireland Loan Book included loans divided into a huge portfolio.
Debt worth about £ 4 billion in 2014. Were sold to the US investment fund for £ 1.1 billion.
Mr. Cushnahan, shown in a non -court on Wednesday, also denies charges to him [Pacemaker]
“A large shiny toy”
The prosecutor’s office told the court that Mr Coulter was trying to “cheat” and “distract” older colleagues Tughans, giving them a few money, including $ 1.5 million. Pounds from £ 7.5 million. Pounds.
“Like a big glossy toy, he used this $ 1.5 million.
The court was told that the money was later returned when the partners found the circumstances related to the money. It is claimed that they have not been told before.
On Thursday, the fifth day of the trial, the prosecution continued the case.
The prosecutor’s office says that after the US investment firm Cerberus bought a Northern Ireland loan book from the house, the “success fee” was paid two law firms for their work in the field of sale, which was approved in 2014. April
Brown Rudnick, a US law firm with a base in London, received $ 15 million. Pounds and agreed to give half of her tughans.
“His story has changed”
The prosecutor’s office says Mr Coulter controlled the money and hid all the information of his colleagues.
He is said to have ensured that he did not enter the main bank account of Tughans, and instead at the company’s account.
Most of the money was later transferred to an account on the art island controlled by Mr Coulter, and was notified in court.
When Tughans asked questions about the question, the prosecutor’s office says Mr Coulter was “unfair” and tried to mislead colleagues.
“In fact, his story changed when he was caught by his partners in Tughan,” Mr. Kinnear.
One of their partner meetings was recorded and a copy of what was allegedly told was shown to the court.
The prosecutor’s office says Mr Coulter tried to blame others for what had happened when he understood the truth what he did, he began to rise.
Mr Kinnear said to the jurors, “The only person who ruined Mr Coulter’s career was Mr. Coulter.”
It is said that he had said, “Every morning I wake up, I go,” how do I, how do I fix it? “
The trial takes place in the Belfast Crown Court against Judge Madame Justice McBride and is expected to last up to 12 weeks.
What is the Nama?
The Nama is the “Bad Bank” of the Republic of Ireland, which Founded by the Irish Government in 2009. After last year’s financial crises.
The role of the Nama was to unload ineffective loans from troubled banks.
Mr. Cushnahan and Mr. Coulter are accused of fraud for false representation in 2014. April 3 Or about 3 days.
Mr Coulter faces four more accusations, including the transfer of criminal property, namely money, 2014. September 15 By December 1
Since 2013 April 1 Until 2013 November 7th Mr Cushnahan is accused of unfairly disclosing information that he was obliged to legally commit to disclose the Northern Ireland Advisory Committee and Nama.
He is accused of not being able to inform them that he provides information to a company called Pimco for the proposed acquisition of a Northern Ireland loan book from a house.
It is claimed that his intention was to benefit himself or something else.
Both men deny all the charges against them.
The trial continues.