The trial of ex-financier Mr Finbarr Ross (54), who faces a total of 41 fraud-related charges, entered its third day in Belfast yesterday.

The jury of seven women and five men heard evidence from more investors in International Investments Ltd, which collapsed in 1984 with estimated losses of £7 million sterling (€11.2 million).

Mr Michael Robert Stevenson, from Comber, Co Down, who lost an estimated £2,000, told the court that his broker, a Mr Maulder, who worked with Clifden Equity in Belfast, "delivered the bad news" about the state of International Investments in early February 1984.

The witness also claimed that, on a subsequent visit, Mr Maulder spent about three hours trying to convince him (the witness) to convert his investment to a shareholding in International Investments Ltd. The witness said he refused to do so.

Mr Arthur Harvey QC, for the defence, put it to the witness that to convert his indebtedness to a shareholding would mean that he could not sue anyone.

The witness replied: "Yes, that's right."

Mr Stevenson also recalled how he signed an affidavit in August of 1984 which purported to overthrow the then liquidator, Mr Timothy Revill, in favour of Mr Colm Allen. He said: "Reluctantly, I handed over my proxy to Colm Allen."

Mr Harvey asked the witness if he was aware of allegations that "Mr Revill was milking the liquidation, and running up costs of £20,000, paying himself £4,000 a week and paying Ronnie Vincent £1,000 a week".

The witness said he was aware of the allegations.

Another investor who gave evidence yesterday, Mr Peter Traynor, recalled a meeting of around 50 investors and brokers at the Stormont Hotel in Belfast on December 15th, 1983. He claimed both Mr Ross and Mr Frank Murray spoke on the day, "giving a glowing performance of International Investments".

The defence put it that it was not Mr Ross, but Mr Murray who spoke, and that Mr Ross only introduced Mr Murray. Mr Traynor replied: "Mr Ross painted a glowing picture of the company."

The trial continues.