IT COULD be Easter 2006 before a multi-million pound fraud trial involving two former bosses of failed property and investment company Orb gets under way.

The highest profile director of Orb, which was behind the Dolphin Quays apartments in Poole and a number of other projects in the town, appeared before a judge on May 11.

Gerald Smith has been forced to hand over his passport to police, while his wife has put up a £2 million surety as part of bail conditions to allow him a degree of freedom of movement between the UK and his home in Jersey.

Wearing a dark suit, red tie and glasses he appeared at Reading Crown Court alongside fellow defendant Jarlath Vahey, who is a former Orb employee.

Both were brought to court on the strength of Serious Fraud Office claims of conspiracy to defraud and theft connected with the disappearance of £7.8 million from failed technology company Izodia.

Mr Smith is also alleged by the SFO to have been involved in forgery, counterfeiting and false accounting.

The allegations relate to events during the final months of Orb before it crumbled under crippling debts in 2003 with the Dolphin Quays building still unfinished.

Poole Pottery was owned by Orb at the time and went into administration, as did the Dolphin Quays - both have since been rescued by new owners.

Following a lengthy investigation by the SFO, 1,500 boxes of documents are being sifted through as potential evidence. So far 800 boxes have been checked and it may be July 31 before the task is complete.

Former Orb chairman Peter Catto was also due to appear at court in connection with the case, but was unable to because of a heart condition.

No indictments against the three men were presented to the court.

The case was adjourned until June 6 when medical advice will be given as to whether Mr Catto is fit enough to attend future hearings.

Mr Smith's conditional bail was altered to allow him to travel between the UK and his home in St Helier, Jersey, providing he gives 24 hours' prior notice to the police.

He has surrendered his passport and must not apply for any other travel documents.

Mr Vahey was released on unconditional bail.

First published: May 12