A witness at the trial of ex-financier Mr Finbarr Ross (54), originally from Dunmanway, Co Cork, claimed Mr Ross "painted a very favourable picture" of the ill-fated International Investments Ltd, just months before it collapsed owing millions.

The witness, Mr Norman Frazier Evans, an insurance broker, told the court how he had placed money on deposit for his father-in law, the late Dr John Lowe.

Earlier this week, the jury heard Dr Lowe's son Gerard give evidence in relation to his father's substantial investment with the Gibraltar-based International Investments Ltd.

Mr Evans agreed with the suggestion from Mr Arthur Harvey QC, for the defence, that his father-in law, Dr Lowe went on to become a member of a committee of inspection appointed by the Gibraltar government in September, 1984, to oversee the liquidation of the company.

Less than two months before learning that the company had foundered, Mr Evans told the jury how he accompanied Dr Lowe to a meeting at the Stormont Hotel in December 1983.

He said: "Mr Ross and Mr Murray painted a very favourable picture of International Investments."

Mr Evans recalled "very clearly" how Dr Lowe quizzed Mr Ross at that meeting on the company and how Mr Ross said he had £600,000 of his own money invested in the company.

Mr Harvey suggested to the witness that Mr Ross spoke only on a personal level with Dr Lowe.

When further queried by the judge, Mr Justice Gillen, the witness said: "I thought it was Mr Ross but I couldn't 100 per cent say that now."

Following that meeting, the witness claimed Dr Lowe reinvested £44,060 with International Investments in January 1984.

The hearing was adjourned until Monday.