The Cork-born former financier, Mr Finbarr Ross, was released on bail from Maghaberry Prison in Co Antrim yesterday evening as authorities debated whether to press for a retrial following a hung jury after his six-week trial at Belfast Crown Court. Mr Ross was released following the lodgement in court of deeds to his sister's £180,000 (€228,553) home at Macroom, Co Cork, and a payment of £12,000 sterling (€19,194) by a US friend, Mr Jack Moriarty. He will reside with his sister, Ms Catherine Murphy, and her husband, Mr Con Murphy, while on bail.
The Northern Ireland Director of Public Prosecutions is considering whether to commit Mr Ross for a retrial. Mr Ross has denied 39 fraud and false accounting charges related to the collapse of his firm International Investments Ltd (IIL) in 1984 with debts of more than £7 million. Mr Ross was acquitted by order of Mr Justice Gillen of two other charges accusing him of illegally securing investments worth more than £400,000 in late 1983.
Mr Ross's solicitor, Mr Joe Rice, said he hoped the DPP would decide against proceeding with a retrial. The 23 months Mr Ross spent in custody was almost the equivalent of a four-year prison sentence in Northern Ireland and he had been through the rigours of a six-week trial, Mr Rice said.
