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08/06/2007
ARA freeze assets of £400,000
An alleged fuel smuggler has had assets valued at £400,000 seized by the Assets Recovery Agency, it has been revealed.
An Interim Receiving Order (IRO) was granted to the agency, to freeze the business and property belonging to Liam Davidson after it was alleged he had assisted another man in laundering the proceeds of crime.
In January 2006 the High Court granted the original IRO in respect of assets valued in excess of £300,000 held by Neil Gerard Vallely of Meadowvale, Newtownhamilton, County Armagh.
As a result of evidence uncovered by the interim receiver, the Agency made an application to the High Court for an extension of the original IRO. In seeking the extension to include properties in the possession of Mr Davidson, from Cullyhanna Road, Newtownhamilton, the Agency alleged that he had assisted Neil Gerard Vallely in laundering the proceeds of crime.
Mr Davidson contested the Agency’s application. However, in the High Court in Belfast yesterday, the Agency won this latest stage of its application with the freezing of additional assets worth an estimated £419,000.
Speaking after the successful application, ARA Deputy Director of Operations Charlie Dickin, said: “Our original investigation was focussed on one individual but the receiver identified a further range of properties held by Mr Davidson which have now also been frozen.
“In getting the extension of the order we have been able to show to the High Court that we had a good arguable case that these assets were also the proceeds of crime.
“We now look forward to receiving the Receiver’s full report once her investigations have been completed so that we can conclude this case.”
(JM/SP)
An Interim Receiving Order (IRO) was granted to the agency, to freeze the business and property belonging to Liam Davidson after it was alleged he had assisted another man in laundering the proceeds of crime.
In January 2006 the High Court granted the original IRO in respect of assets valued in excess of £300,000 held by Neil Gerard Vallely of Meadowvale, Newtownhamilton, County Armagh.
As a result of evidence uncovered by the interim receiver, the Agency made an application to the High Court for an extension of the original IRO. In seeking the extension to include properties in the possession of Mr Davidson, from Cullyhanna Road, Newtownhamilton, the Agency alleged that he had assisted Neil Gerard Vallely in laundering the proceeds of crime.
Mr Davidson contested the Agency’s application. However, in the High Court in Belfast yesterday, the Agency won this latest stage of its application with the freezing of additional assets worth an estimated £419,000.
Speaking after the successful application, ARA Deputy Director of Operations Charlie Dickin, said: “Our original investigation was focussed on one individual but the receiver identified a further range of properties held by Mr Davidson which have now also been frozen.
“In getting the extension of the order we have been able to show to the High Court that we had a good arguable case that these assets were also the proceeds of crime.
“We now look forward to receiving the Receiver’s full report once her investigations have been completed so that we can conclude this case.”
(JM/SP)
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