A former director in the Quinn Group has said he first heard of 'Project Maple' - the plan to dilute Sean Quinn's stake in Anglo Irish Bank - around four months before it was finalised.
Evidence has resumed in the trial of three former executives at the bank after more than a week of legal argument.
The jury has been hearing from prosecution witness Shane Morrison who worked as Financial Planning Director with the Quinn Group at a time when Cavan businessman Sean Quinn was gambling on the bank's stock.
The jury has heard how the group's investment interests narrowed between 2005 and 2007.
More and more money was poured into gambling on the share price of Anglo Irish Bank through a financial instrument known as Contracts for Difference (CFDs).
Mr. Morrison agreed with Paul Anthony McDermott BL, for the prosecution, that Sean Quinn took an active interest in these investments.
Dublin Circuit Criminal Court has heard CFDs yielded gains of €298 million in 2006 but that position was reversed in 2007, when there were losses of around €560 million as Anglo's share price declined.
The jury has once again heard evidence about the St. Patrick's Day Massacre on the stock markets in 2008 when share prices plummeted affecting the Quinn's CFD position.
Mr. Morrison said he became aware that Anglo was not happy that the Cavan businessman had built up an interest (over 29%) in the bank.
He said the first time he heard of 'Project Maple', a plan to place a block of Anglo shares with institutional investors to try unwind some of Mr. Quinn's stake, was in March 2008.
He agreed with the prosecution there were e-mails back and forth and two days of conference calls but the project failed because the appetite in the market was not there.
Mr. Morrison said 'Project Maple' was revived in July and that his role was to instruct CFD providers to close the Quinn position.
He said he knew directly and indirectly that Mr. Quinn was not happy with the transaction, but that it was proceeding regardless.
He was aware that members of Sean Quinn's family were buying some of the stake (14.2%) but he said he did not know who was taking the remaining portion.
The jury has already heard evidence that 10% of the Quinn's CFD position was taken up by the so-called Maple 10, wealthy customers of Anglo, who were provided with finance to buy the bank's shares.
Former Anglo directors Willie McAteer and Pat Whelan, along with the bank's former Chairman Sean FitzPatrick deny charges of providing unlawful financial assistance to the Quinns and the Maple 10 for the transaction.
Mr. Morrison is due to be cross-examined this afternoon.
