Tycoon Nicholas Van Hoogstraten today described his court ordeal as "the worst thing to happen to me in my life."

He spoke on his fifth day in the witness box at the Old Bailey where he is accused of hiring hitmen to kill Mohammed Raja in July 1999.

Hoogstraten said appearing in court was "intimidating" when questioned about his business acumen.

He also told the court the "going rate" for a contract killing was between £20,000 and £25,000.

He said he had been talking to people with knowledge of the subject while on remand at Belmarsh prison in London.

The prosecution alleges he made a series of payments to associate Robert Knapp to carry out the killing, with his friend David Croke.

Hoogstraten's diaries list a series of payments to Knapp in the months after the murder, the Old Bailey has heard.

But, referring to the murder allegation, Hoogstraten said: "This would be the first time in history a contract killer has been paid in stage payments and in some cases by cheque."

He said a person making a contract killing would not know the victim and probably not the person taking out the contract.

He added a hitman could not be hired for the £6,000 to £7,000 which changed hands between himself and Knapp.

He said: "The going rate for the this sort of thing is £20,000 or £25,000. I'm getting this first hand from people in Belmarsh."

Hoogstraten was questioned about his attitude to money.

David Waters QC, prosecuting, asked if Hoogstraten considered himself an astute businessman.

But Hoogstraten, whose art collection alone is worth more than £20 million, replied no.

He told the court: "I am standing here in the dock of No 1 court of the Old Bailey charged with murder.

"It is because of that I am here, it is nothing to do with the murder of Mr Raja.

"This is the worst thing that has happened to me in my life. This whole thing is intimidating.

"I would say I was quite a successful businessman relatively. It has not been easy. I was not born with a silver spoon. I have not had an easy life, far from it."

Hoogstraten, of High Cross Estate, Framfield, near Heathfield, denies murder and conspiracy to murder.

David Croke, 59, of Bolney Road, Moulsecoomb, Brighton, and Robert Knapp, 53, of Abbeyfeale, County Limerick, deny murder.

The trial continues.