The former managing director of the Lees group of companies in Northern Ireland was charged yesterday in connection with a £16 million cannabis haul on a boat in Kilrush, Co Clare last year.
Mr Colin Lees (45), described as a financial adviser, was accused of inducing others to illegally import cannabis resin into Co Clare. Mr Lees, of Ardmoneen Court, Magherafelt, Co Derry, was also charged with smuggling 19,000 cases of spirits into Dover last May, on which duty of £770,000 was not paid.
The Lees group, which was based in Magherafelt, crashed in 1992 owing £35 million.
Det Const John Horan, of the RUC Serious Crime Squad, told Belfast Magistrates Court that Mr Lees had replied "Not guilty" when charged. There was a strong objection to bail, he said. "We have information to suggest that the person behind the importation is the defendant, Colin Lees," he added.
The defence solicitor, Mr Brendan Kearney, objected to the court hearing any more allegations on the grounds that there had not been an application for bail - it would be made later in the High Court.
Mr Lees will appear on Friday with Mr Derek Jones (58), an American citizen with an address in Ballymena, Co Antrim, who is in custody on similar charges.