Ross waits for ruling on retrial

A decision by the Northern Ireland Director of Public Prosecutions (DPP) on whether to commit the former financier, Mr Finbarr…

A decision by the Northern Ireland Director of Public Prosecutions (DPP) on whether to commit the former financier, Mr Finbarr Ross, for retrial is not now expected until next week.

The DPP, senior RUC officers and legal advisers will meet this week to discuss their options after a jury at Belfast Crown Court failed to reach a majority verdict in the case of Mr Ross, whose firm, International Investments Ltd, collapsed in 1984 with debts of more than £7 million sterling (€11.2 million).

Mr Ross faced 39 fraud and false-accounting charges.

Mr Ross is expected to be released on bail tomorrow, following the lodging of the deeds to his sister's £180,000 home in Co Cork with the court and payment of £12,000 sterling by a US friend. He will reside at the home of his sister, Ms Catherine Murphy, at Macroom, Co Cork, while on bail.

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The cost of proceedings against Mr Ross to date is likely to be a key concern of the DPP in its discussions this week. The case is already believed to have cost some £2 million sterling.

When Mr Justice Gillen discharged the jury on Monday, the Crown's chief prosecuting counsel, Mr John Creaney QC, told the court he would need to take instruction as a "fair amount of public money" was involved.

The Crown may be in a position to call additional witnesses, should the DPP decide to proceed with a retrial. In the original trial, Mr Declan Collins, who was the Irish agent of IIL's liquidator, Mr James Galliano, failed to give evidence. He had been expected to be one of the principal witnesses for the prosecution.

Arthur Beesley

Arthur Beesley

Arthur Beesley is Current Affairs Editor of The Irish Times