By Ashleigh Mcdonald

Copyright belfastlive

The jury presiding in the NAMA trial was presented with documents today which the Crown say indicate two businessmen withheld vital information regarding a £1.1billion property deal. Ian George Coulter (54) from Templepatrick Road in Ballyclare and Frank Hugh Cushnahan, 83, of Alexandra Gate in Holywood are currently on trial at Belfast Crown Court . Cushnahan has been charged with two counts of fraud – one offence of failing to disclose information and a second offence of making false representations. The two charges span a period from April 1 to November 7, 2013. Co-accused Coulter has also been charged with two counts fraud by false representation, as well as making/supplying articles for use in fraud, removing criminal property and transferring criminal property. The five charges faced by Coulter – which he denies – are over a timeframe of April 3 to December 1, 2014. All the charges relate to the sale of the Northern Ireland property loan book held by the National Assets Management Agency (NAMA), which was set up in the Republic of Ireland following the property crash and banking crisis in 2009. During the second day of the Crown’s opening, prosecuting barrister Jonathan Kinnear KC presented the jury with documents which he said indicated that Coulter and Cushnahan were lying about their involvement with the American investment fund PIMCO. These documents included emails, memos and letters. 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. 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. Mr Kinnear said documentation indicated that Cushnahan was keeping his involvement in the sale of the Northern Ireland loan book with PIMCO “a secret.” This, the Crown say, included a meeting at Stormont in April 2013 with the then Finance Minister Sammy Wilson. Cushnahan attended this meeting, as did the NAMA chairman Frank Daly. Mr Kinnear said that at this point Cushnahan was “already working on” the sale of the whole NI loan book and that Mr Daly had “no idea” Cushnahan was “already trying to cook up a deal” with Coulter. The Crown barrister also referred to documentation regarding a Northern Ireland Advisory Committee meeting in April 2013. The meeting, attended by Cushnahan, took place at Tughan’s Solicitor’s office in Belfast and Mr Kinnear said that when business turned to ‘disclosures of interest’, none were made. Mr Kinnear said Cushnahan didn’t speak up at the meeting, he didn’t disclose his ongoing plans with Coulter and added: “What is not said is almost more important than what is said.” The prosecutor also drew the jury’s attention to a meeting held at Stormont on May 22, 2013. Those attending the meeting included the Vice Chairman of PIMCO, Cushnahan, Coulter, the then First Minister Peter Robinson and his DUP party collleague Sammy Wilson. This meeting was to discuss how PIMCO would approach the management of the NI loan book. Mr Kinnear said: “The purpose of that meeting, we say, was to persuade politicians, the government, the Executive, that PIMCO was the right buyer so that they – Mr Robinson and Mr Wilson – would put the weight of the Northern Ireland Executive behind that bid and support it.” If this deal had gone ahead, which it ultimately did not, both Cushnahan and Coulter were due to receive a substantial amount of money. The prosecutor told the jury of nine men and three women: “Any suggestion that may come now or later that they were involved for some philanthropic reason, that they were doing it out of the kindness of their hearts or for the good of the Northern Ireland economy, would be way off the mark. These people were in this to make money.” Before they retired for the day, the members of the jury were warned by Madam Justice McBride that they were not to discuss the case with anyone. At hearing. For all the latest news, visit the Belfast Live homepage here and sign up to our daily newsletter here.