The trial of former financier, Mr Finbarr Ross (54), originally from Dunmanway, Co Cork, got underway yesterday at the Crown Court in Belfast. It took about 50 minutes for the clerk to read out the 41 fraud-related charges against Mr Ross, whose Gibraltar-based company International Investments Limited collapsed in 1984 with losses of around £7 million.

The Crown Court jury was told that for a considerable time it was possible to pay out the interest promised to investors and to pay matured investments due. But, by the end of 1983 and into 1984, the company became completely bankrupt, operating on an entirely non-viable basis.

Due to the complexity of the trial and as part of his opening submission, chief prosecutor for the Crown Mr John Creaney QC endeavoured to explain to the jury the matters of evidence which led to the accused facing such charges.

Mr Creaney drew attention to the fact that 35 of the 41 charges against Mr Ross were "in essence, exactly the same", in that on dates unknown between December 30th, 1983 and March 31st, 1984, Mr George Finbarr Ross allegedly dishonestly, with a view to gain for himself or another or with intent to cause loss to another, in furnishing information to depositors as to the current value of their deposits with International Investments Ltd, made use of a statement of accounts dated December 31st, 1983, which to his knowledge was or might have been misleading, false or deceptive in a material particular, in that it purported to show that a sum of money was then held on account for the investors.

The prosecution said it would establish that Mr Ross was the controller of a company that attempted to procure cheques by deception at a meeting in the Stormont Hotel in Belfast in December 1983, and that the individual charges provided a background to the entire case.

Mr Creaney said the interest rates offered by International Investments Ltd to investors would have been seen as a "very great attraction to a concept which would offer such a high return".

The chief prosecutor also showed the jury documentation, namely an audit, which in August, 1984, showed a deficiency in excess of £5.5 million.

He said: "For a considerable period, this company was hopelessly insolvent, and to invite an investment during this time would be a gross misrepresentation of the true state of affairs."

Although Mr Creaney acknowledged that some monies were paid to depositors between 1983 and 1984, the case for the prosecution lay with the fact that ultimately International Investments Ltd could not meet its obligations. He said: "In essence, the criminality is the representation to these investors that their investment was safe."

Before concluding his introduction of documents relating to the case, Mr Creaney said: "The documents and evidence reflect the dishonest activity of Mr Ross in his dealings with the public."

Investigations into the company began in Gibraltar in 1983 when Mr Ross applied unsuccessfully for a renewal of a banker's licence. Mr Creaney pointed out that it was relevant that Mr Ross had relinquished his "beneficial interest" in the company in February, 1984 - a company which he had described in December, 1983, as worth £30£40 million sterling.

"The prosecution say that letter acknowledged he had `beneficial interest' in the company."

Mr Ross's name was not on record in relation to the company until he applied for the licence renewal as controller in 1983.

Mr Ross, whose address is given as Tahlequah, Oklahoma, USA denies the charges. The case continues.