Dr Michael Smurfit has strongly criticised the efforts of a Spanish prosecutor to have him face trial in Spain for alleged involvement in a fraud case where up to £40 million of the money paid by Smurfit for a Spanish packaging went astray.

In an interview on the RTE Moneymakers programme last night, Dr Smurfit said holding him responsible for the fraud was equivalent to somebody who bought groceries being held responsible for the grocery store not putting the money paid into the till. "It's nonsense," he said.

"There's no basis for involving the company, the chairman or any of the executives," he said, adding that the allegations will be strongly defended.

"I have been accused because I am chairman and chief executive," describing the charges as "a very nasty little event to happen in one's life, but that's what I'm paid for".

Dr Smurfit has been accused of "necessary co-operation" in the misappropriation of the money by third parties.

He said his understanding of this charge was that "without our money, it [the fraud] couldn't have taken place."

He added that it was none of Smurfit's business what happened to the £68 million paid to Torres Hostench for the ICSA packaging group once that money had been paid over. "We had no idea that it would be anything other than a normal transaction." It is understood that a decision on whether Dr Smurfit will face trial for "necessary co-operation" in the fraud will be taken within the next month.

If it is decided that Dr Smurfit must face trial, it is unlikely that any trial proceedings will take place until well into next year.