The arguments -- which cannot be reported since the jury is absent -- are expected to continue today.

Last week, the prosecution wrapped up its case in the Supreme Court trial before Puisne Judge Richard Ground.

Former Bank of Bermuda chief Todd, 57, of Pearman's Hill, Warwick, is charged with 17 counts of theft, fraud and false accounting. He allegedly committed the offences between 1985 and 1990.

Facing allegations relating to the charges against Todd are Varnel Curtis, 49, of St. Anne's Drive, Southampton; Milton Woods, 61, of Old Road, Southampton; and Cecil Durham, 56 of Ramgoat Hill, Smith's Parish.

The four accused deny all charges, which involve around $1.2 million.