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Man told to hand over £18m assets Computer chip boss's £18m pay-out
(about 5 hours later)
A Limerick businessman has agreed to pay £18m to the Republic of Ireland's Criminal Assets Bureau and the UK's Assets Recovery Agency. A computer chip billionaire has agreed to pay £18m to the UK's Assets Recovery Agency and the Republic of Ireland's Criminal Assets Bureau.
It is thought to be the largest ever single settlement to be reached by the CAB. Dylan Creaven also agreed to hand over his luxury villa and four racehorses.
Dylan Craven also agreed to hand over a villa in Marbella and four racehorses. The agencies, which recover illegally earned money, called it their "largest result so far".
Mr Craven, 32, now lives in London. He has been under investigation since 2002, when both agencies froze his assets. Mr Creaven, 32, who lives in London but is from Ennis, County Clare, was acquitted of VAT fraud at Southwark Crown Court in 2005.
In a subsequent investigation by the recovery agencies, his assets were frozen.
About £12m will be handed over to the ARA and the remainder will go to the CAB in the Republic of Ireland, by 12 October.
In a statement, the ARA said the agreement was reached after a mediation process.
Mr Creaven had agreed to hand over a total of £18m as well as his luxury villa in Marbella and four racehorses, one of which won the 2005 Galway Hurdle.
In 2005, Mr Creaven stood trial for VAT fraud following an investigation by HM Revenue and Customs into allegations that he played a principal part in an international missing trader VAT fraud through his computer chip business in the Republic of Ireland.
He was acquitted but the ARA and CAB subsequently investigated him and obtained a freezing order on his assets.
Jane Earl, ARA director said it was the largest result so far.
"It demonstrates the power of civil recovery legislation in taking away the fruits of unlawful activity," she said.
"This case means that a proportion of the money stolen from the taxpayer through VAT fraud will be returned to the public purse, and it represents a significant achievement in the fight against VAT fraud which is not a victimless crime."