A document presented to the jury at the trial of the former financier, Mr Finbarr Ross, showed alleged assets at his company of more than £4 million (€5.08 million), including assets in the Republic of Ireland valued at an estimated £2.589 million.

The court was hearing evidence from key witness Mr Timothy Revill, a Gibralter-based chartered accountant and the provisional liquidator with International Investments Ltd (IIL).

During cross-examination, Mr Arthur Harvey QC, for the defence, exhibited to the court a letter dated March 22nd 1984, which was allegedly sent to investors requesting "breathing space" and telling them of assets of £4 million.

Mr Harvey asked the witness if Mr Ronnie Vincent had made him aware that the assets had been valued at £4 million. The witness replied: "No, I saw no evidence of that at all."

Mr Revill was shown a document by the defence, purportedly valuing IIL's assets at around £4 million and allegedly prepared by Mr Vincent and Mr Frank Murray in conjunction with the committee of management.

He was also shown documentation which revealed alleged assets of £200,000 cash in a company called Melgate in the Isle of Man.

Mr Revill said: "I wish I'd had access to this [at the time of liquidation] . . . It wasn't there when I took over."

He also told the court that £9,000 in the Isle of Man was the only cash available to him to at the start of the liquidation.

Mr Harvey put it to the witness that "if the valuations were correct, the assets lost £2.2 million".

Mr Revill replied: "I cannot believe the assets lost their value in two or three months." The witness was also shown documentation which set out the alleged assets of IIL in the Republic. These included loans estimated at £1.35 million, properties and sites in Dublin worth more than £1.1 million, and paintings valued at £120,000.

The hearing continues.