Northern Ireland's Director of Public Prosecutions is expected to decide this week whether to proceed with a retrial of Mr Finbarr Ross after a jury at Belfast Crown Court yesterday failed to return a verdict in the case of the former financier charged with fraud and false accounting.
Mr Ross is expected to be freed on bail tomorrow, pending the lodgement of deeds to his sister's home in Co Cork with the court and a lodgement of £12,000 sterling or its equivalent in dollars by a US friend, Mr Jack Moriarty.
Mr Justice Gillen ordered Mr Ross to surrender his US passport and any Irish passport which he may still hold and ordered him to report to the RUC in Newry, Co Down, once a week.
After deliberating for more than eight hours yesterday and on Friday, the jury of six women and five men told the court there was no reasonable prospect of reaching a verdict upon which at least 10 jurors were agreed.
"It is absolutely clear that you have striven conscientiously to reach a verdict," Mr Justice Gillen said to the jury.
Mr Ross (54) is to live at the home of his sister and brother-in-law, at Macroom, Co Cork, when on bail. His sister, Ms Catherine Murphy, her husband, Mr Con Murphy, and Mr Moriarty were in court yesterday with other friends.
A source close to the investigation into IIL suggested that a retrial might not be feasible until May, if the DPP decides to proceed.
Mr Ross's firm, International Investments Ltd (IIL), collapsed in 1984 with debts of more than £7 million sterling (€11.35 million).
During the six-week trial, Mr Ross faced one charge of illegally attempting to secure investment in IIL at the end of 1983, two counts of illegally securing deposits of £44,060 and £15,000, and 36 false accounting charges related to the statements of accounts sent to investors.
The Crown alleged Mr Ross's business acumen and experience were such that he could not have failed to know IIL was "hopelessly insolvent" in December 1983 and January 1984.
But Mr Ross denied fraud, stating that he was concentrating on managing IIL's US business at the time and had handed over day-to-day responsibility for managing the firm to IIL's property manager, Mr Frank Murray, and its accountant, Ms Nuala Hussey, in a partnership agreement.
Senior prosecuting counsel Mr John Creaney QC said the Crown did not oppose bail.
The prosecution did not consider that interference with witnesses was likely, he said, and the RUC officer in charge of the case believed Mr Ross would turn up for a retrial. In addition, Mr Ross was not in a position to recommit the alleged offences.
If Mr Ross breached his bail conditions, his defence counsel, Mr Arthur Harvey QC, said the Federal authorities in the US would be in a position to review his naturalised citizenship.
Mr Ross's trial heard more than 120 hours of evidence over 27 days.
