Nathan Skinner reports on the continuing Independent fraud case
Progress dragged at the Indie trial this week as jurors were subjected to the arduous task of examining a deluge of documentary evidence relating to the company’s reinsurance contracts.
On a number of occasions, Judge Rivlin, who presides over the trial, encouraged both sides to present their arguments in a more digestible format.
Weary that the jurors would tire and tune-out, the judge has even joked about prescribing sedatives to the counsel to force them to speak more slowly.
During one particularly lengthy period of testimony, prosecution counsel took turns to read out statements relating to an FSA investigation into Independent’s reinsurance contracts.
This dry narrative was in stark contrast to last week’s relatively dynamic statement from the chairman of Indie’s audit committee.
Over the course of the week, Michael Bright and his handshake agreement with reinsurers was placed at the centre of scrutiny.
Prosecutors have attempted to establish exactly who knew what about the reinsurance contracts. While the defence has played down the significance of the arrangements, saying they were normal parts of a healthy working relationship.
Developments came to a complete standstill on Tuesday morning due to the absence of one of the defendants, Phillip Condon, who was sick. The Serious Fraud Office said that a juror might have been sick as well.
The court is expected to break for a summer recess at the end of July with a final verdict predicted around October time.
All three defendants deny charges of conspiracy to defraud.
The trial continues.
