The trial is under way of two prominent Belfast businessmen accused of fraud in relation to a £1bn loan deal.

Frank Cushnahan, 83, of Alexandra Gate, Holywood, denies two fraud charges.

Ian Coulter, 54, of Templepatrick Road, Ballyclare, denies five charges.

The charges relate to the sale of a loan book held by Ireland’s National Asset Management Agency (Nama), more than 10 years ago.

Mr Cushnahan used to be an adviser to Nama, sitting on its Northern Ireland committee, and the court was told he was entitled to 1,000 euros (£873) for every meeting which he attended.

Meanwhile, his former law firm partner, Mr Coulter, used to be the managing partner at Belfast-based Tughans law firm. He is now working for a different company.

The jury trial is being held at Belfast Crown Court before judge Madam Justice McBride.

The prosecution case against the two men was opened by Jonathan Kinnear KC. He said both were involved in fraud linked to the £1.1bn property deal.

Mr Cushnahan and Mr Coulter are both charged with fraud by false representation on or around 3 April 2014.

Mr Coulter faces a further four charges including transferring criminal property, namely money, between 15 September and 1 December 2014.

Between 1 April 2013 and 7 November 2013, Mr Cushnahan is accused of dishonestly failing to disclose information, that he was under a legal to disclose to the Northern Ireland advisory committee and Nama.

He is accused of failing to inform them that he was providing information to a firm called Pimco over the proposed purchase of the Northern Ireland loan book from Nama.

It is alleged his intention was to make a gain for himself or someone else.

Both men deny all of the charges against them.

The 12-member jury, made up of nine men and three women, was sworn in last week.

The trial is expected to last up to 12 weeks.

Nama is the Republic of Ireland’s “bad bank”, set up by the Irish government in 2009 in the wake of the financial crisis which broke out the previous year.

Nama’s role was to off-load non-performing loans acquired from troubled banks.