The court case surrounding the collapse of Independent Insurance reached its final stages this week, as the prosecution delivered its closing speech.

But before counsel for the Serious Fraud Office launched its final attack on Michael Bright, one time managing director of Independent, and his former deputy Dennis Lomas and finance director Philip Condon, the judge altered the charges.

He dropped charges relating to reinsurance contracts against Condon, stating that to find him guilty would “fly in the face of the evidence”. While Condon is still charged with conspiracy, he is not now individually charged with fraud.

The judge also took out a reference to unnamed “other” parties being involved in the alleged conspiracy, and to fraud against Independent’s actuaries and auditors.

In his closing speech, prosecution counsel Andrew Baillie QC insisted that the defendants had deliberately worked together to withhold key information.

The defence began its closing speech on Tuesday afternoon as Insurance Times went to press.

Bright, Condon and Lomas deny all charges. The case continues.