CAB in debt after seizing properties

THE Criminal Assets Bureau is not, it seems, immune to the massive losses that have resulted from the property crash.

The organisation have revealed how they have to change how they confiscate the proceeds of crime after it found itself seizing substantial property related debts instead of profits.

In the case of eight property portfolios, out of 13 dealt with in 2010, the Bureau’s receiver took ownership of sites which when sold could not cover the mortgage attached to them.