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Court refuses to write off Terry Adams debt

11/08/2014

A judge today decided that a confiscation order now worth £653,947.74 against Terry Adams remains in force.

Mr Adams had a confiscation order made against him for £750,000 after he had pleaded guilty to money laundering in 2007. Following the sale of his home in north London in 2009, Mr Adams paid the court £234,166.21 and another £130,323.43 following the sale of other assets.

In seeking to have the confiscation order reduced, it was Mr Adams's case that his current assets were worth less than the outstanding balance of the confiscation order. He claimed that he and his wife were living on expenses of £200 per week, paying rent of £250 and living on £23,000 - £24,000 per annum. However, visits to the Royal Opera House and expensive meals out, spa memberships at luxurious hotels, high cost dental treatments and other treatments at private clinics all indicated a very different lifestyle.

Nick Price, Head of Proceeds of Crime at the Crown Prosecution Service, said: "Through a series of nefarious means, Terry Adams has consistently sought to hide the proceeds of his crimes. However, today's judgment is proof of our determination to see that crime doesn't pay and that those who seek to hide their wealth will be challenged and held to account. 

"Mr Adams argued that he couldn't afford to pay what he owed and yet his lavish lifestyle showed this was not the case. I'm pleased that, presented with our carefully gathered evidence, the judge has decided that Mr Adams does, in fact, have the ability to pay and has assets that he has not put before the court. We will now work hard to ensure that Mr Adams pays his confiscation order.  

"Many of the criminals we face go to extraordinary lengths to avoid paying what is owed under confiscation orders, such as applying to the High Court to write off debt and hiding their assets. Depriving criminals of their ill-gotten gains disrupts organised crime and the new CPS National Proceeds of Crime Service is leading this fight across the country. Dedicated prosecutors will work tirelessly with investigators to claw back assets from those who seek to benefit from their crimes."

Head of the NCA's Centurion Team, Mark Blackwell, said:  "Today's judgment shows the real value of Lifetime Management and especially Ancillary Orders such as FROs. Terry Adams' FRO remains in force until 2017 and his Confiscation Order will continue to incur interest until it is settled. The NCA, in partnership with the CPS, will monitor both these Orders very closely."

Background

Terry Adams pleaded guilty to money laundering in 2007 and a confiscation order was made against him, agreed at £750,000, with a default jail term of 4 years should he fail to pay or make efforts to do so.

Since the confiscation order came into force, £369,286.19 has been paid.

A balance of £653,947.74 remains outstanding as of 11 August 2014. This is subject to interest of 8% p.a. which is accrued daily.

Ends

Notes to Editors

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  4. The CPS, together with ACPO and media representatives, has developed a Protocol for the release of prosecution material to the media. This sets out the type of prosecution material that will normally be released, or considered for release, together with the factors we will take into account when considering requests. Read the Protocol for the release of prosecution material to the media.