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Bank laundering jury is to retire Laundering jury considers verdict
(about 6 hours later)
The jury in the trial of a man accused of laundering money from the £26.5m Northern Bank robbery is to retire to consider its verdict later. The jury in the trial of a man accused of laundering money from the £26.5m Northern Bank robbery has retired to consider its verdict.
Irish prosecutors claim Ted Cunningham, 60, knew that more than £3m traced to him was from the December 2004 robbery.Irish prosecutors claim Ted Cunningham, 60, knew that more than £3m traced to him was from the December 2004 robbery.
Mr Cunningham of Farran, County Cork, has denied 10 money laundering charges.Mr Cunningham of Farran, County Cork, has denied 10 money laundering charges.
If he is found guilty Mr Cunningham could face up to 14 years in jail. The trial lasted 10 weeks and heard from 77 witnesses, including PSNI officers.
The financial adviser said £2.3m found in the basement of his home in February 2005 came from the sale of a gravel pit in Offaly to Bulgarian businessmen.The financial adviser said £2.3m found in the basement of his home in February 2005 came from the sale of a gravel pit in Offaly to Bulgarian businessmen.
Irish police claimed that, under interrogation, the money lender said he was given £4.9m from an unidentified male in a Northern Ireland registered car, whom he met on four occasions.Irish police claimed that, under interrogation, the money lender said he was given £4.9m from an unidentified male in a Northern Ireland registered car, whom he met on four occasions.
COURT BACKGROUND Ted Cunningham said the Bulgarians did not want to invest in banks in their own country, because they "were run by the Russian mafia". COURT BACKGROUND The Cork trial, before Judge Cornelius Murphy, began on 20 January. It lasted 10 weeks, during which 77 witnesses gave evidence.
Throughout the trial the prosecution made clear it didn't believe a word of the Bulgarian story. It is estimated the trial costs could be up to 1m euro. That figure includes costings for the police investigation and legal and witness costs.
Read Shane Harrison's piece here Read Shane Harrison's piece here
Throughout the trial, Judge Cornelius Murphy read Cunningham's interview notes to the jury, in which he denied any involvement with the IRA or laundering money from the Northern Bank robbery.Throughout the trial, Judge Cornelius Murphy read Cunningham's interview notes to the jury, in which he denied any involvement with the IRA or laundering money from the Northern Bank robbery.
"There will be another hour or two of my summary and then after that at some stage you will retire to consider the evidence," Judge Murphy said on Wednesday.
He warned the five men and seven women to bring an overnight bag "just in case".
The £26.5m was stolen in the Belfast bank robbery by a gang who kidnapped assistant manager Kevin McMullan and his wife Kyran, taking her to an undisclosed location while he was forced to steal the money.The £26.5m was stolen in the Belfast bank robbery by a gang who kidnapped assistant manager Kevin McMullan and his wife Kyran, taking her to an undisclosed location while he was forced to steal the money.
Poleglass man Chris Ward was acquitted of involvement in the robbery in October last year. Police had alleged the bank employee - who was also kidnapped - was an inside man for the gang.Poleglass man Chris Ward was acquitted of involvement in the robbery in October last year. Police had alleged the bank employee - who was also kidnapped - was an inside man for the gang.
The haul included £17.5m of uncirculated Northern Bank currency, which could be traced through serial numbers, and £8.85m in used notes from the four major banks in Northern Ireland.The haul included £17.5m of uncirculated Northern Bank currency, which could be traced through serial numbers, and £8.85m in used notes from the four major banks in Northern Ireland.