The trial of ex-financier, Mr Finbarr Ross (54), entered its seventh day at Belfast Crown Court yesterday with the jury hearing claims that Mr Frank Murray, a Dublin-based auctioneer had lied under oath.

The court was hearing evidence from key witness, Gibraltar-based accountant and provisional liquidator of International Investments Ltd, Mr Timothy Revill. He claimed that had he been allowed to continue as liquidator, he would have secured further assets and "traced loans as well".

During cross-examination of the witness, Mr Arthur Harvey QC for the defence, put it to Mr Revill that during a visit to the Republic to secure assets, "he was dependent on the full and honest co-operation of a number of persons he had contact with" which included Mr Ronnie Vincent and Mr Frank Murray.

Mr Harvey said, "It would appear that certainly so far as Mr Vincent is concerned, far from being full and open with you, he concealed a considerable amount of information in his possession?"

"Yes, it would appear he did not disclose all the matters in full," replied the witness.

"Some of those matters were very striking, such as the ability to calculate to the last penny, money owed to depositors," added Mr Harvey. "It would have saved me a lot of work," replied Mr Revill.

Mr Harvey subsequently put it to the witness, "As far as Mr Murray and you are concerned, he lied to you - he just simply lied to you".

The witness replied, "Certainly he was not in any way helpful." "He lied on oath in his affidavit," added Mr Harvey. "Yes, it would appear he lied under oath in his affidavit," replied Mr Revill.

During re-examination, Mr John Creaney QC, for the prosecution, asked the witness was he aware of "contentions" that had been made by a senior barrister, Mr Colm Allen SC, as to his conduct during the liquidation.

Mr Revill told the court that up until a meeting of creditors in Gibraltar in late August 1984, he had "no idea" what the wishes of the depositors were. He also said he was surprised to learn that the depositors thought he wasn't doing a very good job.

Earlier in the trial, Mr Revill had testified that at the meeting of creditors in August, Mr Allen held more than three million of the four million proxies of creditors.

It was at that meeting that he (Mr Revill) was removed as liquidator. Mr Revill described his dismissal as "a successful assassination".

The witness was later shown a document purported to be an investment portfolio, which showed alleged assets of more than £4 million (€5 million), which he claimed to be "optimistic in the extreme".

Mr Revill said, "Unless something quite spectacular, some financial earthquake" had taken place, International Investments Ltd was insolvent in December 1983.

The court also heard from another Gibraltar witness, Mr Joseph Batiste, the former assistant secretary for finance to the government of Gibraltar.

Mr Batiste told the court how he had worked closely with the then banking supervisor in the Gibraltar government, the late Mr Geoffrey Burton. He was shown documents, which alleged to be references on behalf of Mr Ross and Mr Karl Jones, in relation to the application for a banking licence in 1977. One of the references from Dublin solicitor, Mr Oliver Conlon, stated that he had known Mr Ross for five years and had found him to be "of the highest integrity".

Mr Batiste also told the court that the application on behalf of the beneficial owners of IIL, Mr Ross and Mr Jones, had been referred to the Bank of England. The result was "nothing untoward was known about the individuals and a limited banking licence should be issued".

Following the introduction of new Gibraltarian banking ordnance (law) in 1982, Mr Batiste recalled a series of correspondence in relation to the renewal of a banking licence for IIL.

This commenced with a letter signed by Mr Ross describing himself as controller of IIL.

Mr Batiste told the court how correspondence requesting information and references was not forthcoming. A letter from the banking supervisor, Mr Burton, was shown to the court. It referred to the renewal of the banking licence, which he (Mr Burton) proposed be refused due to the failure of IIL to provide information.

The hearing continues.