Seanad debates
Tuesday, 12 November 2002
Second Interim Report of the Tribunal of Inquiry into Certain Planning Matters and Payments: Statements.
The proposed new legislation will empower the High Court to appoint inspectors to the affairs of an individual or a company whose task will be to trace assets which have been corruptly received or whose value was corruptly enhanced through acquisitions and disposals and to report to the High Court on the current value of assets obtained with assets-funds which represent the direct or indirect proceeds of corruption. The High Court will be given specific statutory power to adjust the value of assets corruptly received into current day values. For example, if a person corruptly received £1,000 in 1960 and bought a house with that money, the High Court will be entitled to order that the current day value of the house be frozen or forfeited.
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