Courts / Limerick / Report

CAB wants to sell off "rapidly depreciating" €3m car fleet seized in raid

Date
2019-07-30

Stage
Hearing Or Decision

Primary locality
Limerick

Summary

The Criminal Assets Bureau (CAB) seeks to sell a fleet of 114 cars, valued at almost €3 million, seized from a Limerick motor dealer in March. The High Court heard that the cars are expensive to store and are losing value, so the State wants to dispose of them quickly. Ms Justice Carmel Stewart adjourned the matter to 15 August to decide whether to allow the sale. She noted that assets such as cars can "rapidly depreciate" and that the maximum value should be realised. If the sale is permitted, the proceeds can be held until the court determines whether the cars were proceeds of crime under the Proceeds of Crime Act. Two respondents were named: Stephen Bawn Motors Ltd trading as Bawn Motors, and Mr Mike Nash.