Two Northern Irish businessmen face fraud charges over a £1 billion NAMA loan deal, denying allegations in a high-profile Belfast trial.

A high-profile fraud trial has begun in Belfast Crown Court against two Northern Irish businessmen, Ian Coulter and Frank Cushnahan, who face multiple charges related to a £1 billion loan deal involving Ireland’s NAMA, created to manage toxic property loans after the 2008 financial crisis. The case, expected to last up to 12 weeks, centers on allegations of false representations, failure to disclose information, and handling of criminal property during the 2014 sale of NAMA’s Northern Ireland loan portfolio. Both men deny all charges. A 12-member jury has been sworn in, with members receiving iPads for case materials and being warned not to discuss the trial or conduct outside research. The proceedings, which may involve senior political figures, follow years of delays and have drawn public attention, prompting the court to reject requests for reporting restrictions to ensure transparency.