NAMA case: Co Down businessman Frank Cushnahan acquitted of fraud charge

Following an investigation which began over ten years ago and a mammoth four-month trial, corporate financier Frank Cushnahan was found 'not guilty'.

As the businessman stood in the dock of Belfast Crown Court, a court clerk asked the foreman of the jury if they had reached a verdict upon which they were all agreed.

When the foreman said they hadn't, he was then asked if they had reached a verdict on which at least ten of them were agreed.

In response, he replied "yes" and when asked by the court clerk what that verdict was, the foreman replied "not guilty."

Today's verdict came following over ten hours of deliberations spanning over three days.

After delivering the verdict Madam Justice McBride addressed Mr Cushnahan and said: "You have been found not guilty by the jury so you are free to leave."

The senior judge then thanked the nine men and three women of the jury for their service and patience during the "long trial."

Madam Justice McBride added: "For those who wish, I'm happy to exclude for life from jury service."

Reacting to the acquittal, Mr Cushnahan's solicitor Paul Dougan spoke outside court and said: "Obviously we are delighted with today's outcome.

"Mr Cushnahan is very grateful to the jury for their deliberation, he's very grateful for their patience and for their attention to what was a lengthy and at times a difficult trial."

Mr Dougan, on behalf of Mr Cushnahan, also thanked Madam Justice McBride for presiding over the trial "in an impeccable way".

He added that Mr Cushnahan was also grateful to his friends and family "who have stood by him over these last difficult months and years."

When asked how his client was, Mr Dougan replied: "He's relived, he's tired. At the end of the day he's an 84-year old man. He hasn't missed one day of this trial, he's never been sick.

"He's been here, engaged ... committed to the process and he's relieved today."

From Alexandra Gate in Holywood, Mr Cushnahan was accused of and was today cleared of a charge of fraud by failing to disclose information between April 1 and November 7, 2013.

The charge related to the sale of the Northern Ireland property loan book held by the National Assets Management Agency (NAMA).

The Agency was set up Dublin in 2009 following the property crash and banking crisis with the purpose of taking over billons of pounds of property development debts held by a number of banks in the Republic.

It was the Crown's case that Mr Cushnahan acted dishonestly by secretly working on a deal with American investment fund Pimco regarding the proposed sale of the Northern Ireland loan book in the expectation that he would receive around £5m of a success fee.

Mr Cushnahan was accused of failing to disclosure any conflict of interests, which the Crown claimed he was under a legal duty to do, whilst appointed as an external member of the Northern Ireland Advisory Committee (NIAC).

The Committee was set up by NAMA to advise in respect of the property debts in Northern Ireland.

Ultimately Pimco withdrew its interest in purchasing the Northern Ireland loan book in March 2014 and the following month the portfolio was purchased by Cerberus in a deal worth over £1bn.

During the trial, Mr Cushnahan's defence rejected suggestions that the he had acted dishonestly for personal gain.

Instead, his barrister described the businessman as "man of very considerable character, experience and knowledge" who had been subjected to "character assassination".

Frank O'Donoghue KC said that instead of acting in his own self-interests at a time when the Northern Irish economy was "on its knees", his client "was prepared to get up of his backside" to try and encourage investment.

Ultimately, the jury rejected the Crown's case and Mr Cushnahan was acquitted of the charge

When the trial commenced last September, the pensioner stood in the dock alongside co-accused Ian Coulter.

The 54-year old former managing partner of Tughans solicitors, from Templepatrick Road in Ballyclare, was charged with five offences over a timeframe of April 3 to December 1, 2014 - one of which was a fraud charge jointly levelled at Mr Cushnahan.

Last December Mr Coulter's senior barrister became unwell and as a result, Madam Justice McBride ruled that Mr Coulter could not get a fair trial due to the absence of senior counsel.

She told the jury that the case against Mr Coulter could not proceed and she discharged them from reaching verdicts against him.

As a result, Mr Coulter was granted permission to leave the dock on continuing bail and the trial proceeded on one of the two charges Mr Cushnahan faced.

At that stage it emerged that it was the intention of the PPS that Mr Coulter would face trial on all five charges in due course.

When this hearing starts, Mr Cushnahan will be back on trial on the single count he still faces.

After the acquittal of one count today, Madam Justice McBride spoke of the second count still faced by Mr Cushnahan, who was released on continuing bail.