Initiating Asset Forfeiture
Certain officials, including the Regional Director, Director, Regional Police authority, or any authorized authority, may ask the Special Court to start the asset forfeiture procedure if an accused person is found guilty under this Act. A thorough list of the condemned person’s assets should be included in this written request. Additionally, the convict’s associates, family members, or other representatives may have their assets recorded for possible forfeiture. This clause guarantees that assets concealed in third-party names can be located and added to the forfeiture procedure.
2. Conditions for Forfeiture Orders by the Special Court
The specified assets must be deemed legitimate by the Special Court, which has to be convinced that the conduct that produced them violated the Act. The assets may be forfeited to the Federal Government if the court determines that they were obtained illegally. Assets may be transferred to the foreign government in circumstances involving convictions made abroad.
Right to Be Heard
The Act requires due process before issuing a forfeiture order. People who might be impacted are given a fair chance to defend themselves, and a notice to show cause must be given. This upholds the values of justice and fairness by guaranteeing that no one is dispossessed of their property without first having an opportunity to be heard.
Ex-Parte Decisions in Case of Non-Compliance
The Special Court may proceed ex-parte if the impacted party does not show up or provide an explanation for the source of their assets. In certain situations, the court weighs procedural rights against the necessity for prompt justice, basing its ruling on the evidence at hand. Therefore, if the person fails to show up or doesn’t give a sufficient explanation, ex-parte rulings may be made.
3. Forfeiture of Company Shares: Legal Implications
This Act’s effect on corporation shares is one of its distinctive features. Company shares are turned over to the government when they are included in the forfeited assets. current laws, such as the Companies Act of 2017 or the Articles of Association of the company, are superseded by this procedure. As a result, the government acquires all rights and obligations related to the forfeited shares, making it the legitimate shareholder. This system makes sure that any ill-gotten gains don’t continue to exist in the corporate world and stops convicted people from having financial clout within corporate organizations.