Mark Glassey, aged 47, of Drury Terrace, Douglas, has appeared in court facing money laundering and drug-related charges.

He is accused of possessing cocaine, amphetamines, and cannabis, valued at a total of £36,826, with intent to supply.

Mr Glassey is also charged with possessing criminal property, namely £59,590 in cash which he said during interview was cash saved from ’doing foreigners’.

It is also alleged that watches valued at £200,000 if confirmed as genuine, were found as well as diazepam.

Defence advocate Stephen Wood said that his client had stated during an interview that the watches were not genuine.

Mr Wood asked for an adjournment until July 15 while legal aid is finalised.

Prosecuting advocate Rebecca Cubbon opposed bail but Mr Wood argued that his client was a local business owner who was not a flight risk.

Magistrates granted bail with a recognisance of £10,000 and conditions that Mr Glassey report to Douglas police station daily between 10 and 11am, live at his home address, and not leave the island without court consent.