£50m assets seized from British pair in unexplained wealth order

Summarised from 2 outlets · Updated 23 Oct, 22:57 · Archive

Two British nationals have had £50million-worth of assets, including a yacht and properties, frozen by the High Court.

The Crown Prosecution Service has secured an Unexplained Wealth Order against two unnamed British nationals, freezing £50million-worth of assets following a High Court order. This is the second such order granted since the power was introduced in January 2018.

The frozen assets include a yacht valued at approximately £1.9million, a bank account containing £2.6million, eight vehicles worth around £600,000, and several high-value properties located in England, France, Spain and Portugal. An interim property freezing order has also been issued to investigate potential international money laundering.

The pair and their associated companies now have three months to prove that they legally obtained the funds used to purchase these assets. If they cannot or refuse to provide adequate explanation, the CPS can apply to seize the assets permanently without requiring a criminal conviction. Chief Crown Prosecutor Adrian Foster said the CPS had 'successfully obtained' the orders and that the pair were 'now legally required to prove how they obtained their wealth, or risk having their assets seized'. The two individuals are not currently charged or convicted of any criminal activity.

How it is being reported

• Two Brits have £50m in assets frozen including £1.9m yacht in Unexplained Wealth OrderThe second ever Unexplained Wealth Order was granted by the High Court against the two Brits, with a bank account containing more than £2.5million also frozenThe Mirror · 23 Oct, 22:34
• Luxury yacht among £50,000,000 in assets seized from British pair in unexplained wealth orderEight vehicles worth £600,000 were among assets frozen.Metro · 23 Oct, 21:16

In this story: Crown Prosecution Service · High Court · United Kingdom · England · France · Spain · Portugal

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